Both China and the world need an internationalised yuan in a multipolar global economic environment, a former senior Chinese official has urged in an article that was published as Beijing upgraded its digital-yuan infrastructure to bolster efforts to reshape the US dollar-dominated global financial system. Wider use of the Chinese currency, also known as the renminbi, would support China’s high-quality growth while offering an alternative that could help stabilise the international financial...

Former Chinese central bank governor Zhou Xiaochuan has warned that failed artificial intelligence investments could trigger financial turbulence and urged preparations to mitigate risks amid concerns over a potential bust of the AI investment bubble. “Consider[ing]... such a large amount of the investment going to the AI facility; if a part of it goes to failure, it causes financial turbulence, and this may create a crisis,” Zhou said during a panel discussion at the Bund Summit in Shanghai on...