China to launch a CBDC—but will it improve the yuan’s internationalization?
As reported by the City Journal, the Chinese government recently announced its intention to launch the first-ever central-bank-directed digital currency, or CBDC. The press release, accompanied by a speech from the project’s head, Central Bank Deputy Director Mu Changchun, caused a stir in tech-oriented media circles, especially in the U.S. and other developed nations. But it’s not clear that a CBDC will have a major impact on the internationalization of the RMB. Story here.