A senior Chinese People's Banking official said on Sunday that China's goal of internationalization was not replaced by the dollar and that efforts were to establish digital yuan aimed at local use.


According to Arab Net. .


This comes, while the Chinese Central Bank is currently testing the use of digital yuan in various pilot programs throughout the country. While a report earlier this week showed that Biden's administration increases its audit on China's progress towards digital yuan, amid concerns that they could launch a long-term attempt to replace the dollar, as an international reserves.

Chinese leadership "The People's Bank of China has established a digital currency since 2014 and has led its movements to increase the attention between central banks and policy makers, while the prevalence of encrypted currencies has added that Normal cash competitors can change how the financial sector worked, according to Bloomberg, and was briefed in Arabic.Net.


The Chinese People's Bank approached the first central bank to launch a virtual currency, where consumers' experience and companies began in 11 cities throughout the country.


He told me at the Boao Forum in southern China: the motive behind the e-yuan, at least at the moment, is mainly on local use. He added that international interoperability is a very complex issue and we are not in a hurry to reach any particular solution so far, although there is a long-term vector use.


He told me that the central bank plans to test the transboundary use of Digital Yuan at the Beijing Winter Olympics 2022, where local users as well as athletes and visitors from abroad.

Future challenges While the yuan digitization can be used in cross-border transactions, the main factor in defining the global currency is whether China will ease their controls on top Money, also said big economists at JDT com, Shen Jianjuang.


He added: For a global reserve currency, they must allow foreigners to keep and use.


China will also need to allow its citizens to buy more foreign assets and further develop its financial markets, allow more flexibility in exchange rates for payment towards the internationalization of the yuan, "Xin said in an interview.


The primary plans for the digital currency are not driven by cross-border use, according to China's bank governor ...