China has been confronted with multiple economic and financial problems this year amidst an ongoing trade war with the United States. Authorities in Beijing have been trying to overcome the challenges with administrative measures in what has become a market economy over the years. Inflation of the yuan just rose to its highest level since January 2012 and is projected to increase even further, to 4.7% by January. This is happening while Chinese state banks and corporations prepare to trial a digital version of the national fiat.
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Chinese Inflation Records 7-Year High
In November, the annual inflation rate in the People’s Republic jumped to 4.5%, from 3.8% in October, according to official data provided by China’s National Bureau of Statistics. The increase surpassed market expectations of 4.2%, the Trading Economics website noted in its analysis. Consumer prices also increased on a monthly basis, by 0.4% last month and 0.9% the previous month, well over the…