... on distributed ledger or blockchain technology—is an important aspect of the CBDC. In this case, blockchain technology is intended to reduce costs and simplify payments.
Currently, China is testing just such a hybrid payment system with the digital yuan issued by the People’s Bank of China.
Conclusions
The desire of the Chinese authorities to curb cryptocurrency mining stems from fears of a disruption in the national payment system at a time when the digital yuan is experimentally introduced into the national economy. Currently, China’s ...
... Kingdom is second with
6.18 per cent
). Thus, most international transactions involving the yuan are performed outside continental China.
Andrey Kortunov:
What We've Learnt About Globalization
One more obstacle to the faster internationalization of the yuan is China’s preoccupation with domestic problems stemming from the rapid growth of debts (especially in the property market), the growth of the shadow banking system and the disproportionate allocation of loans to large and small businesses. In its attempts ...
... Region.
The renminbi has made spectacular progress over the past five years, moving from 35th place in late 2010 to fifth place in 2015. It has become the most common currency in settlements in the Asia-Pacific Region.
Preparing for the IMF vote, China opened access to its domestic foreign exchange and bonds markets for foreign central banks, and increased the role of the Bank of China in determining the daily trading range for the
renminbi
.
However, these measures, taken to ensure compliance ...
... world
[17]
.
This was achieved primarily thanks to China developing a network of bilateral swap agreements with its key trading partners around the world. In the run-up to, and throughout the first few years of, the programme to internationalize the yuan, China mostly signed agreements with its traditional East Asian partners — South Korea (December 2008), Hong Kong (January 2009), Malaysia (February 2009), Indonesia (March 2009) and Singapore (July 2010). It then began to carry out a more geographically ...
