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 Unitedย States dollar? Nonetheless, the involvement of Chinaโs monetaryย authority digitalย currency (CBDC) in these efforts has been limited until now.
Interestingly, the Chinese governmentโs stance on the CBDC has changed inย theย year. Previously, the Peopleโs Bank of China (PBoC) insisted that the e-CNY was solely a domestic project. Nonetheless, they have recently launched plentyย of โcross-borderโ CBDC pilots in Hong Kong and Macau, which have their own economies and currencies.
The PBoC has shown a willingness to explore theย capacity of cross-border transactions with the CBDC. Onย theย otherย sideย , Beijingโs allies like Minsk and Moscow have accelerated the issuance of their own CBDCs, prioritizing cross-border capabilities.
Althoughย 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.
Hot Take:
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 futureย ofย the international trade.
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