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Concerns about the economy have grown increasingly acute, which is why China's central bank is moderately cutting interest rates. However, experts consider the move largely symbolic, because the economy does not lack capital. Its target group was probably not so much the banks as the public.
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China continues to expand the usage of its digital central bank currency. With the state-owned e-yuan, Beijing wants to curb the financial power of private companies like Alipay. In the long term, it wants to push the internationalization of the yuan. Central bank chief Yi Gang now revealed the first details of these goals.
By Frank Sieren
China's new digital renminbi by itself will not help the currency to challenge the US dollar's global dominance. Its true significance instead lies in its potential to shift the competitive balance of power between the country's technology giants and traditional banks.
By Redaktion Table