The development of China’s digital yuan is another step in the process of internationalization of the renminbi. Will this threaten the international dominance of the dollar.
Central banks around the world are implementing digital solutions to improve the efficiency of the financial system. Among the G20 countries, 19 out of 20 countries are exploring the idea of Central Bank Digital Currency (CBDC), 16 are already in the development stage. China seems to be at the forefront of CBDC development with ambitions to change the global economic system.