Summers: digital yuan unlikely to threaten US dollar

Traceability of Chinese CBDC amid “financial thunderbolts” from Beijing may limit appeal

L to R: Larry Summers and Central Banking’s Christopher Jeffery

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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