December 23, 2019 / 12:59 PM / a month ago

Global use of Libra, other stable coins could curb yuan's internationalization: PBOC

FILE PHOTO: A small toy figure stands on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo

BEIJING (Reuters) - The global use of Facebook’s Libra and other stable coins could curb the Chinese yuan’s international development, the official Xinhua news reported on Monday, citing the central bank’s vice governor Chen Yulu.

They could also weaken the effects of capital controls and lead to volatile asset prices, which could impact financial stability, said Chen at a finance event on Saturday.

Reporting by Beijing Monitoring Desk, Editing by Louise Heavens

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