China’s digital yuan will help banks become more competitive in the payments sector after steadily losing out to popular technology platforms over the years, according to Moody’s Investors Service.“We expect adoption of [China’s digital yuan] to help reinforce banks’ position in the payments system because it will enhance their data collection ability and broaden their user bases,” analysts led by Zedric Cheung said in a report on Thursday.China is already a largely cashless society, thanks to…

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