A former governor of the People’s Bank of China has given a speech in which he suggested that China’s Digital Yuan is not intended to increase China’s influence over global financial systems.
Zhou Xiaochuan, who served as the Bank’s governor between 2002 to 2018, spoke on Saturday at the Tsinghua PBCSF Global Finance Forum. An unauthorised translation of the speech by Chinese journalist Zichen Wang, reports that Zhou said China’s digital currency “is mainly targeted on the modernization of the domestic payment system, keeping pace with the digital economy and the Internet era, improving efficiency, and reducing costs, especially for the retail payment system”.
Replacing the US dollar’s role in international trade is not China’s plan, Zhou said, and added that the Digital Yuan also won’t help China to have its currency more widely accepted abroad.
“The internationalization o ..
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