China Is Moving To Digital RMB

China has a long-term strategy to displace the dollar as the world’s dominant reserve currency. The Wall Street Journal reported that the state-owned media organization “China Central Television” is circulating an animated video showing a man in an American flag shirt being knocked out by a golden coin depicting the digital yuan.

The purpose of this video is to show how China’s new “digital currency” could boost Beijing’s power in international trade to the detriment of the dollar, but the choice of the color gold to represent this digital currency may not be coincidence. In a world plagued by money printing and inflation, a gold-backed currency would have great credibility—and evidence suggests that the Chinese Communist Party may control more gold than anyone else.

Read more at China Creates Its Own Digital Currency

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Filed under chinese culture, workplace insights

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