Shares of Chinese fintech companies are growing as the country prepares to launch its digital yuan, which is reported to create demand for security and payment services.
The launch of the Chinese yuan contributed to the growth of stocks
According to a Reuters report released on Friday, in 2019, the CSI (China Securities Index Co.) fintech index grew by more than 50%, ahead of the wider market.
For example, the shares of the Beijing Certification Authority, an electronic authentication service provider, reached a record high this month, up about 200% this year.
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And China's largest network security service provider, 360 Security Technology Inc, has increased its stock by more than 50%.
Last month, deputy director of the People’s Bank of China (PBoC) payments department, Mu Changchun, said: "The country's digital currency is ready to launch after five years of research and development."
- The official recently announced that the future digital currency will be similar to the Libra stable coin proposed by Facebook and can be used on major payment platforms such as WeChat and Alipay.