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China Says It Has No Desire to Replace Dollar With Digital Yuan

  • Central bank deputy says e-yuan is for domestic use for now
  • Biden’s team is increasing scrutiny of China’s digital yuan
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WATCH: A senior Bank of Japan official played down the potential for China’s digital yuan to threaten the dollar’s position as the world’s main reserve currency.(Source: Bloomberg)
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China sought to allay fears it wants to topple the dollar as the world’s main reserve currency as Beijing makes bigger strides in creating its own digital yuan.

People’s Bank of China Deputy Governor Li Bo said the goal for internationalizing its currency is not to replace the dollar, and the efforts to create a digital yuan are aimed at domestic use.