China Rare Earth Group Co on Monday refuted rumors in a statement about a joint launch of a"rare earth yuan stablecoin"with Ant Group and the People's Bank of China(PBC),noting that such information was fabricated,seriously misleads the public,and disrupts financial order.

In the statement,China Rare Earth Group said it has never engaged in any form of cooperation,consultation,or planning with relevant institutions or entities regarding the so-called"rare earth yuan stablecoin,"stressing that the information was maliciously fabricated by lawbreakers and urging the public and investors not to believe or spread it.

The group reminded the public and investors to stay alert to illegal financial activities,be mindful of potential risks,and guard against property losses,per the statement.

The group has reported the matter to relevant authorities,firmly demanding that the parties involved immediately cease infringing,fraudulent and other illegal activities,and reserving the right to hold accountable anyone whose actions damage the company's image or interests,per the statement.

Any major external cooperation matters shall be subject to the company's official announcements,the group said.

Previously on Monday afternoon,Chinese tech company Ant Group has denied online rumors that it is working with the PBC and China Rare Earth Group to launch a rare earth-backed yuan stablecoin.

The company posted on Weibo that it had noticed online claims alleging that"Ant Group,the PBC,and China Rare Earth Group are jointly developing the world's first rare earth yuan stablecoin"to lure investors into certain related sectors.Ant Group said it has never had such plans with any relevant institutions and urged the public to exercise caution,verify information,and avoid being misled or defrauded.