Chinese Hoping for ASEAN Digital Yuan Progress?
Are you aware that Beijing has been actively promoting the use of the yuan in international trade deals as an alternative to the United States dollar? Nonetheless, the involvement of China’s monetary authority digital currency (CBDC) in these efforts has been limited until now.
Interestingly, the Chinese government’s stance on the CBDC has changed in the year. Previously, the People’s Bank of China (PBoC) insisted that the e-CNY was solely a domestic project. Nonetheless, they have recently launched plenty of “cross-border” CBDC pilots in Hong Kong and Macau, which have their own economies and currencies.
The PBoC has shown a willingness to explore the capacity of cross-border transactions with the CBDC. On the other side , Beijing’s allies like Minsk and Moscow have accelerated the issuance of their own CBDCs, prioritizing cross-border capabilities.
Although while China has remained relatively tight-lipped on the matter, it seems that countries like Indonesia, which recently launched a de-dollarization task force, are actively exploring their own CBDC options and considering cross-border usage.
The increasing interest in cross-border CBDC transactions indicates a shift in worldwide financial dynamics, with China and its digital yuan playing a key role in shaping future of the international trade.
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