BNP Faces Questions in Washington Over China Digital Yuan Work
- Some US officials worry China’s e-CNY project threatens dollar
- Bank is among those helping clients access digital yuan
Many concerns around the e-CNY project are longstanding in Washington, but they’re now part of a broader set of threats that some lawmakers see coming from China.
Photographer: Qilai Shen/BloombergBNP Paribas SA is facing questions from politicians in Washington over its work with Beijing’s electronic yuan project, highlighting political challenges that financial firms must navigate amid tensions between the world’s two-largest economies.
Executives at the Paris-based lender had considered its cooperation with the state-backed Bank of China Ltd. to facilitate the use of the digital yuan e-wallet to be relatively low-key. But then BNP recently received an unexpected phone call from a Republican congressional aide asking about its work, according to people familiar with internal conversations, who asked not to be identified discussing them. A scholar at a prominent Washington think tank also said he’s received requests for briefings from congressional offices on the topic.