CHINA WILL USE ITS DIGITAL CURRENCY TO COMPETE WITH THE USD

Amid questions and speculation about China’s new central bank-backed digital currency termed DCEP, one thing remains clear: to the extent that China is working on digital currency, the main benefits would be to replace fiat cash with a layer of traceable digital cash, ingesting another layer of data into the fearsome data machine that powers both government monitoring and the domestic machine learning industry — as well as providing enough “credible” decentralization so that the RMB could continue a digital ascent to greater internationalization and perhaps challenge the USD’s position as the premier reserve currency of the world. This is a trend cryptocurrency holders and adherents must track: any potential ascent of a Chinese digital currency that “smells” like cryptocurrency may initially excite institutional investors and retail investors not deeply invested into the tenets of cryptocurrencies but rather their return on investment — however, inevitably, a digital RMB will compete for oxygen with cryptocurrencies as they both seek to ascend and disrupt certain parts of the existing financial consensus. This will invite scrutiny from competitor states as well as allied states who may want to embrace this new model. Since the late 2000s, China has tried to accelerate internationalization of its domestic RMB with policy measures such as dim sum bonds. Dim sum bonds are bonds issued in foreign countries but denominated by Chinese currency amounts: they were taken out by companies such as McDonalds MCD -2%. China has also tried to extend currency swap to a variety of nations, and had more integrated RMB settlement projects with Hong Kong, Macau and the Southeastern Asian association of economies known as ASEAN. However, these can be seen as the precursor to the next steps of moves the Chinese state is lining up to take: positioning the RMB as a premier reserve currency for the world. Reserve currency has a very specific connotation as a fiat currency held in significant reserves by multilateral organizations and foreign central banks. It was the United Kingdom’s pound that was the unquestioned premier reserve currency of the 19th century — at the peak of the British Empire, it was the lifeblood of international commerce and a stabilizing as well as powerful factor for the ascent and maintenance of the British Empire. Nowadays, this role is unquestionably played by the US dollar, though as an unipolar world blends more into a multipolar ones, other currencies play a role — though as not as the first among many. It’s commonly established that the current reserve currencies of the world are the Japanese Yen, the Euro, the Chinese Yuan and first among equals, the United States Dollars. Post navigation Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting. Latest Stories Yahoo News When will Warnock and Ossoff be seated in the Senate — and when will Democrats take control? 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