IIF says China’s CBDC irrelevant to renminbi internationalisation
Economists say yuan’s use for payments growing, though it remains “stagnant” as reserve currency
China’s central bank digital currency is irrelevant to renminbi internationalisation efforts, economists at the Institute of International Finance (IIF) have said.
In a note published on December 5, Gene Ma and Phoebe Feng say global use of the yuan has grown notably over the past five years, but that this has not been supported by China’s CBDC. The digital yuan, they say, “is merely one of several domestic e-payment solutions and is designed exclusively for onshore use”.
Ma and Feng add that
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