The writer is founding partner of Gavekal Dragonomics, a China-focused economic research firm
At the Winter Olympics in Beijing, China’s government unveiled two initiatives. One was the statement by presidents Xi Jinping and Vladimir Putin declaring that China and Russia have a friendship with “no limits”. The other was a trial of the digital yuan, or e-CNY, which was offered for use by both domestic and foreign athletes and spectators.
Following Russia’s invasion of Ukraine, and the imposition of harsh financial sanctions by the US and its allies, it is reasonable to ask whether China’s digital currency paves the way for a new, dollar-free global monetary system that would enable countries to evade American sanctions.
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