The Chinese want the Yuan to beat the dollar in the digital field


Source: sott.net sott.net

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China is half a step away from launching the digital yuan into mass circulation. Beijing has long harboured plans to make the yuan a global currency. Formally, the Chinese monetary unit received this status five years ago, when the IMF Board of Directors voted for it. On October 1st 2016, the decision came into force, and since then the yuan has been included in the basket of currencies used to calculate the SDR rate ("special drawing rights", a virtual currency unit issued by the IMF). In this basket, there were five currencies, and the yuan immediately took third place in...