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FILE PHOTO: A small toy figure is seen on representations of the virtual currency on a displayed European Union flag and the Facebook Libra logo in this illustration picture, October 20, 2019. REUTERS/Dado Ruvic/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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