Summers: digital yuan unlikely to threaten US dollar
Former US Treasury secretary Larry Summers believes the potential introduction of a Chinese ‘digital yuan’ does not constitute “a threat” to the role of the US dollar.
The People’s Bank of China is currently engaged in major trials of a digital yuan, with the country tipped to be the first major economy to issue a retail central bank digital currency (CDBC). This would be, in part, to offer an alternative retail payment system to the current one dominated by Alipay and WeChat Pay, units of
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