Digital Yuan Won’t Replace Dollar, Ex-Bank of China Chief Says

China has never aimed to challenge the U.S. dollar’s status as the international reserve currency with the development of a digital yuan, Xiaochuan Zhou, former governor of the People’s Bank of China, said during a forum at Tsinghua University in Beijing on Saturday.

Zhou said the development of a digital yuan may help facilitate usage of the currency in cross-border payments, but China has never intended to replace the U.S. dollar as the preferred international payment currency.