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China’s central bank keeps sights set on monopolies

  • PBOC says unfair competition will be a focus in the second half of the year
  • Authority will also press on with its e-yuan pilot project and rein in hype around trading in virtual currencies

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The central bank is pressing on with a push to internationalise the yuan. Photo: Reuters
China’s central bank has pledged to oppose monopolies and unfair competition in the second half of the year as it continues its crackdown on tech giants and internet platform firms.
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In a statement on Saturday, the People’s Bank of China said it would “supervise and guide platform companies to make comprehensive rectifications in accordance with regulatory requirements”.

“[The central bank] will cooperate with relevant departments to resolutely implement the decisions ... of the Communist Party’s Central Committee and the State Council on tackling monopolies and prevent the disorderly expansion of capital,” it said after a work conference on Friday led by central bank governor Yi Gang and party secretary Guo Shuqing.

“[It will] interview leading platform companies engaged in financial businesses, and urge them to fully implement financial supervision, fair competition, and protection of the legitimate rights and interests of consumers.”

It also said it would push for the widespread use of information and data and improvements to the “national database management system”. In addition, it would press on with its e-yuan pilot project and rein in hype around trading in virtual currencies.
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China’s mobile-payment market is dominated by Alibaba’s Alipay and Tencent’s WeChat Pay, which have created a massive online ecosystem offering services and products based on their digital wallets. Alibaba owns the South China Morning Post.

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