{"id":1102,"date":"2020-09-09T09:00:13","date_gmt":"2020-09-09T02:00:13","guid":{"rendered":"https:\/\/bitesizebkk.co\/?p=1102"},"modified":"2020-09-16T14:14:36","modified_gmt":"2020-09-16T07:14:36","slug":"bitesize-finance-digital-yuan","status":"publish","type":"post","link":"https:\/\/bitesizebkk.co\/bitesize-finance-digital-yuan\/","title":{"rendered":"Bitesize Finance: Can China\u2019s Digital Yuan Usurp The Almighty Dollar?"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-large wp-image-1103\" src=\"https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-1024x576.png 1024w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-300x169.png 300w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-768x432.png 768w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-1536x864.png 1536w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Bitesize-Guide-to-Investing-101-1-2-2048x1152.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\"><em>&#8220;Let China Sleep, for when she wakes, she will shake the world,\u201d<\/em> the famous quote of the French 18th Century statesman <a href=\"https:\/\/en.wikipedia.org\/wiki\/Napoleon\">Napoleon Bonaparte<\/a> was indeed prophetic. With the world\u2019s second largest economy\u2019s vision to transform itself by 2025 into a nation with 70% self-sufficiency in high-tech industries, we might very well be on a cusp of another technological revolution or evolution. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">China is currently in the middle of escalating tensions with the US and India, spanning into a war of technological powers. This conflict highlights all that&#8217;s going on in the backdrop, and makes for a more interesting analysis of one of the world&#8217;s most powerful nations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While most of the developed world\u2019s governments grapple with the implications of technology\u2019s disruption on the financial sector, the Chinese government is advancing full steam ahead in this domain. Spurred on by the competitive threat of Facebook\u2019s Libra project, China has been doubling down on its digital currency project with great urgency; some newsmakers are saying the digital yuan will be launched by 2020 year end, preposing the initial deadline of mid 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So what does this mean for the rest of us? Understanding the digital yuan and how it will shape our world helps us stay informed and abreast of the changes. So let\u2019s start with the basics.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is the digital yuan?<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The digital yuan will be the digital currency of China &#8211; also known as Digital Currency Electronic Payment (DCEP) &#8211; is backed by the central bank of China &#8211; People\u2019s Bank of China (PBOC). It intends to replace paper money eventually.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Controlled by the PBOC, it will be integrated with China\u2019s banking system.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">How does it work?<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The PBOC will issue digital coins to its network of state-owned banks and payments firms, such as Alipay and WeChat, which will distribute them to individuals and businesses through mobile banking and payments apps. Users will have the ability to make payments with their mobile phones and integrated apps, services and merchants<\/span><span style=\"font-weight: 400;\"> using <\/span><span style=\"font-weight: 400;\">NFC technology and the internet. What\u2019s impressive is that the <\/span><a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3083952\/what-chinas-cryptocurrency-sovereign-digital-currency-and-why\"><span style=\"font-weight: 400;\">DCEP system<\/span><\/a><span style=\"font-weight: 400;\"> also supports payment transactions without an internet connection<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While China\u2019s digital yuan <\/span><a href=\"https:\/\/cointelegraph.com\/news\/top-facts-on-chinas-crypto-yuan-and-related-blockchain-projects\"><span style=\"font-weight: 400;\">will not operate completely on blockchain technology<\/span><\/a><span style=\"font-weight: 400;\"> (given the issues with scalability and interoperability with other payment systems), it will be using some of blockchain\u2019s key components such as asymmetric cryptographic and smart contracts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Xu Yuan from Peking University&#8217;s Digital Finance Research Cen\u00adtre <\/span><a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3083952\/what-chinas-cryptocurrency-sovereign-digital-currency-and-why\"><span style=\"font-weight: 400;\">said<\/span><\/a><span style=\"font-weight: 400;\"> upon completion of the internal testing, the digital yuan could be<\/span><a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3083952\/what-chinas-cryptocurrency-sovereign-digital-currency-and-why\"><span style=\"font-weight: 400;\"> gradually expanded<\/span><\/a><span style=\"font-weight: 400;\"> for the payment of staff wages at major government departments, administrative institutions, and even state-owned enterprises.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China has launched trials in <\/span><a href=\"https:\/\/cointelegraph.com\/news\/chinas-digital-yuan-reportedly-to-test-in-four-cities\"><span style=\"font-weight: 400;\">4 cities<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; Shenzhen, Suzhou, Chengdu and Xiong\u2019an. Now, talks are underway with private companies to expand its test run.<\/span><\/li>\n<\/ul>\n<h3>Why did China launch this project?<\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Digital yuan is designed to give the Central Bank of China more authority and oversight over transactions since all cash flows in society will be traceable. This move was necessitated because Chinese consumers had bypassed both computers and credit cards to embrace mobile payment apps, which now have large money-market funds investing in high-yielding wealth-management products.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This accumulation of risks in opaque shadow banking is something China\u2019s central government wants to diminish. Bringing these shadow banking operations out into the open therefore requires an upgrade to traditional lenders in payments who have been left behind.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The digital yuan aims to address this technological gap by allowing authorities to \u201cregulate an overstretched debt market more effectively,\u201d <\/span><a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2020-05-24\/china-s-yuan-will-exit-covid-19-with-a-big-digital-currency-lead\"><span style=\"font-weight: 400;\">says<\/span><\/a><span style=\"font-weight: 400;\"> DBS Group economist Nathan Chow.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is also in line with China\u2019s top policy initiative to internationalise the yuan, improve reserve currency status, and to protect the monetary sovereignty of China.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Apart from these practical reasons, political analysts are saying that China wants to curb the power and influence of the US dollar, which has dominated the world\u2019s economy for almost the whole of the last Century. The USD is the world\u2019s foreign reserve currency as the size and strength of the U.S. economy and the dominance of the U.S. financial markets has been undisputed for decades<\/span><span style=\"font-weight: 400;\">; <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/forex-currencies\/092316\/how-us-dollar-became-worlds-reserve-currency.asp\"><span style=\"font-weight: 400;\">61%<\/span><\/a><span style=\"font-weight: 400;\"> of all foreign bank reserves are denominated in U.S. dollars, and nearly <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/forex-currencies\/092316\/how-us-dollar-became-worlds-reserve-currency.asp\"><span style=\"font-weight: 400;\">40% <\/span><\/a><span style=\"font-weight: 400;\">of the world&#8217;s debt is in dollars.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So maybe it\u2019s about time to shake things up? But it remains to be seen whether and how the digital yuan will be used in the expansion of Chinese economic and strategic influence abroad.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can the digital yuan usurp the U.S. dollar as the global reserve currency?\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The backbone of the United States\u2019 financial dominance is the <\/span><a href=\"https:\/\/www.foreignaffairs.com\/articles\/china\/2020-05-20\/could-chinas-digital-currency-unseat-dollar\"><span style=\"font-weight: 400;\">Society for Worldwide Interbank Financial Telecommunication (SWIFT)<\/span><\/a><span style=\"font-weight: 400;\">, which facilitates messages between banks about payments orders with a network of U.S. correspondent\/intermediary banks that execute international payments. (Most cross-border payments\u2014nearly $5 trillion per day\u2014are directed through SWIFT messages, and a significant portion are routed through U.S. correspondent banks.)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Digital currencies further the goal of avoiding dollar transactions and U.S. financial oversight, since they provide a <\/span><a href=\"https:\/\/www.foreignaffairs.com\/articles\/china\/2020-05-20\/could-chinas-digital-currency-unseat-dollar\"><span style=\"font-weight: 400;\">scalable cross-border mechanism<\/span><\/a><span style=\"font-weight: 400;\"> that circumvents the current system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Individuals sending or receiving remittances and businesses with large import or export ties to China, for example, could transact in the digital yuan using Alipay, for example.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China\u2019s current investments into infrastructure with the Belt and Road initiative in many countries presents lots of opportunities for the digital yuan to grow beyond China.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The PBOC will have a view on all transactions in the digital yuan and potentially, on all transactions in systems using its technology, strengthening its information advantage.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ex- US Treasury Secretary Henry Paulson <\/span><a href=\"https:\/\/www.forbes.com\/sites\/rogerhuang\/2020\/05\/25\/china-will-use-its-digital-currency-to-compete-with-the-usd\/#5d5138e931e8\"><span style=\"font-weight: 400;\">argues<\/span><\/a><span style=\"font-weight: 400;\"> that whether the RMB will displace the USD will have little to do with the form of China\u2019s currency and more to do with its economic and political choices, which means that the digital yuan is <\/span><b>only as good as the existing RMB regardless of its form if China\u2019s foreign and economic policies remain the same.<\/b><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Many economists are also <\/span><a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3083952\/what-chinas-cryptocurrency-sovereign-digital-currency-and-why\"><span style=\"font-weight: 400;\">skeptical<\/span><\/a><span style=\"font-weight: 400;\"> on the impact the digital yuan could have beyond its borders without official reforms to relax the yuan\u2019s exchange rate convertibility.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are many changes to the world order that need to take place for the digital yuan to truly usurp the USD. So the digital yuan is a credible threat at the moment, but not substantial yet.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Where does this leave the rest of the world?<\/span><\/h3>\n<figure id=\"attachment_1105\" aria-describedby=\"caption-attachment-1105\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1105 size-large\" src=\"https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Screen-Shot-2563-09-08-at-17.08.51-e1599559874766-1024x470.png\" alt=\"\" width=\"1024\" height=\"470\" srcset=\"https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Screen-Shot-2563-09-08-at-17.08.51-e1599559874766-1024x470.png 1024w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Screen-Shot-2563-09-08-at-17.08.51-e1599559874766-300x138.png 300w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Screen-Shot-2563-09-08-at-17.08.51-e1599559874766-768x353.png 768w, https:\/\/bitesizebkk.co\/wp-content\/uploads\/2020\/09\/Screen-Shot-2563-09-08-at-17.08.51-e1599559874766.png 1206w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-1105\" class=\"wp-caption-text\">Source : Consensys Live Webinar &#8216;CBDC &amp; Stablecoins&#8217; 14,th May 2020<\/figcaption><\/figure>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/www.bis.org\/publ\/bppdf\/bispap107.pdf\"><span style=\"font-weight: 400;\">Bank of International Settlements<\/span><\/a><span style=\"font-weight: 400;\">, 80% of the world\u2019s Central Banks are engaged in or about to start CBDC work. Countries leading the pack include The Bahamas, whose Sand Dollar is currently in the process of live testing with a nationwide launch planned for the end of the year, and Sweden, which has one of the lowest number of bank notes as a percentage of GDP in the world. The e-krona has been <\/span><a href=\"https:\/\/www.reuters.com\/article\/us-cenbank-digital-sweden\/sweden-starts-testing-worlds-first-central-bank-digital-currency-idUSKBN20E26G\"><span style=\"font-weight: 400;\">testing for some time<\/span><\/a><span style=\"font-weight: 400;\"> now with consulting firm Accenture, but Sweden has no plans to be launched yet.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The U.S. now has a digital dollar project as well, but it\u2019s way behind China\u2019s digital yuan, which is over 5 years in the making.<\/span><\/li>\n<\/ul>\n<p><em><span style=\"font-weight: 400;\">Thailand has also started doing some research into digital currencies. <\/span><\/em><span style=\"font-weight: 400;\">However, government led projects typically take time.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Thailand\u2019s <\/span><a href=\"\/\"><b>Project Inthanon<\/b><\/a><span style=\"font-weight: 400;\"> is a collaborative project with the Bank of Thailand (BOT) and commercial banks that aims to explore potential benefits of the Distributed Ledger Technology (DLT) &#8211; or blockchain technology &#8211; in enhancing Thailand\u2019s financial infrastructure.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Inthanon Project is currently in the testing phase with an implementation pilot to develop a prototype payment system for businesses using the Central Bank Digital Currency (CBDC) underway.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This means that while we still do not know when the \u2018e-baht\u2019 will launched or if there will ever be one.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Potential Implications<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Any government led effort to create an entire new, wholly digitized currency will always be met with some potential skepticism. This is particularly true in China\u2019s case, where the government implements various state owned missions and enterprises. An e-RMB currency will surely mean complete ability to monitor and track transactions, as well as slow down China\u2019s <\/span><a href=\"https:\/\/www.ubp.com\/en\/newsroom\/implications-of-chinas-sovereign-digital-currency\"><span style=\"font-weight: 400;\">RMB internationalisation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What else? It could also impact China\u2019s leading e-payment platforms, Alipay and WeChat Pay. The former commands 53% of the payments market share, with WeChat a close second. Although the e-RMB has plans to integrate with the platforms, it surely would not solely exist through third party apps.\u00a0 This is all just hypothetical, however. In the future, it wouldn\u2019t be surprising to see e-RMB redeemable coins on the Alipay app somehow. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Key Takeaways:\u00a0<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">China is way ahead of the game when it comes to CBDC but they are not the only players in the field.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is only a matter of time before the US and other nation states catch up with their own CBDCs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">China&#8217;s digital Yuan initiative presents a model for digitising an economy that will hopefully bring educational value to other nations. However, as with most world changing innovations, it will also come with its own set of implications.\u00a0<\/span><\/li>\n<li>China\u2019s ambitious e-RMB plan may further broaden the tension\u2019s impact by dividing the global economy into currency \u2018zones\u2019. It could also serve as a threat to Alipay &amp; WeChat Pay, as they are currently still powered by bank accounts &amp; credit cards.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Let China Sleep, for when she wakes, she will shake the world,\u201d the famous quote of the French 18th Century statesman Napoleon Bonaparte was indeed prophetic. With the world\u2019s second largest economy\u2019s vision to transform itself by 2025 into a nation with 70% self-sufficiency in high-tech industries, we might very well be on a cusp [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1109,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[390],"tags":[395,286,89,394,393,398,397,396],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitesize Finance: Can China\u2019s Digital Yuan Usurp The Almighty Dollar? - Bitesize<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitesizebkk.co\/bitesize-finance-digital-yuan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitesize Finance: Can China\u2019s Digital Yuan Usurp The Almighty Dollar? - Bitesize\" \/>\n<meta property=\"og:description\" content=\"&#8220;Let China Sleep, for when she wakes, she will shake the world,\u201d the famous quote of the French 18th Century statesman Napoleon Bonaparte was indeed prophetic. 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