People's Bank of China Focuses on Preventing Financial Risks and Expanding Digital Yuan Applications

According to Foresight News, the Shanghai headquarters of the People's Bank of China (PBOC) recently held a 2024 work conference, emphasizing the need to persistently prevent and resolve financial risks. The conference highlighted the importance of strengthening risk monitoring in key areas, prudently handling risk institutions, and preventing and dealing with the risks of virtual currency trading speculation. Additionally, the PBOC called for a crackdown on financial illegal activities, deepening the governance of funds related to gambling and fraud, and improving the effectiveness of anti-money laundering supervision. The conference also pointed out the need to continuously improve the level of basic financial services and deepen the innovative applications of the digital yuan. The PBOC aims to explore innovative applications of the digital yuan, further expanding its use and integration into the financial system.