Domestic challenges & capital controls

Data block

Collection item

China’s ambition for the yuan to become a global currency is undermined by its persistent reluctance to loosen tight capital controls
Crypto HK, Hong Kong’s biggest crypto OTC exchange, saw a fivefold surge in USDT trading by Chinese clients since 2021, a trend that undermines the yuan’s use in trade.
Xiao Feng, HashKey chairman, highlighted the growing reliance on USDT by Chinese exporters, a trend that JD.com and Ant Group are directly responding to through their push for yuan-based stablecoins.
JD.com and Ant Group’s push for yuan-based stablecoins challenges China’s 2021 crypto ban, which was imposed due to financial stability concerns.
JD.com and Ant Group are seeking to counter U.S. dollar dominance in cross-border trade as the yuan’s share in global payments fell to 2.89% in May 2025, while the dollar commanded 48.46%.

Data source type

Collection data source

Filter

{"where":{"AND":[{"attribute":"Jfmby78N4BCseZinBmdVov","is":"KeG9eTM8NUYFMAjnsvF4Dg"}]}}