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China to Build Global Clearing Network for Mobile Payments, Using Digital Yuan: State Media

RMB internationalization is inevitable, wrote People’s Daily.

Aug 30, 2021 at 3:48 a.m. UTC
Updated Aug 30, 2021 at 7:18 p.m. UTC

China aims to build an international clearing and settlement network for mobile payments using the digital yuan, the People’s Daily wrote in an op-ed Monday.

  • The network will be a “breakthrough point” in the cross-border use of the digital currency, the op-ed said. China also wants to use the digital yuan to improve the monitoring and early warning capabilities regarding cross-border flows of the yuan, according to the article.
  • The internationalization of the renminbi is a necessity for China’s economic development, but also an inevitability given its economic progress, the op-ed said, citing Song Ke, deputy director of the Institute of International Monetary Studies at the Renmin University of China.
  • Official Chinese sources have been reluctant to talk about the central bank digital currency as a vehicle for RMB internationalization, even though state planning documents like the Five Year Plan affirm that internationalizing the national currency is one of the government’s goals.
  • China’s central bank digital currency (CBDC) has been in trials since spring of 2020, and has so far been used in at least $5 billion worth of transactions, including some cross-border payments.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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