China to launch a CBDC—but will it improve the yuan’s internationalization?

Professor of Law : Georgetown University, and Director, Institute of International Economic Law

China to launch a CBDC—but will it improve the yuan’s internationalization?

A pile of scattered Chinese 100 Yuan bills

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.

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