Summers: digital yuan unlikely to threaten US dollar

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: