Digital yuan not designed to displace US dollar, says former head of China’s Central Bank ...News

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Digital yuan not designed to displace US dollar, says former head of China’s Central Bank
China’s new sovereign digital currency is not meant to replace the US dollar as an international reserve and payment currency, and is instead aimed at meeting the needs of the internet era, especially for retail payments. That’s according to the former head of the People’s Bank of China, Zhou Xiaochuan, who also said that the digital yuan should not be closely linked to the yuan's internationalization, which depends more on policy decisions and opening up, instead of technical factors. Zhou, who was speaking at a finance forum in Beijing on Saturday, also denied claims that the central bank wants to replace third-party payment with the

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