Economics
China Sprints Ahead in Race to Modernize Global Money Flows
The digital yuan challenge to US dollar dominance in $7 trillion of daily FX flows is dashing ahead thanks to blockchain-enabled mBridge project
This article is for subscribers only.
A new platform to expand the reach of China’s digital yuan and other central bank digital currencies is moving closer to reality, raising eyebrows among some defenders of a system long dominated by the dollar.
The Beijing-backed digital prototype for sending money around the world without relying on US banks is advancing so quickly that some European and American observers now view it as an emerging challenger to dollar-denominated payments in global finance.