China to Issue Sweeping Standards for Fintech, Digital Currency

What’s new: China’s regulators outlined plans to establish sweeping new standards for the financial industry, covering digital currency, cross-border yuan settlements, green finance and fintech.

The People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued a development plan Tuesday to standardize the financial industry during the 14th Five-Year Plan period between 2021 and 2025.