Page 4 - E Cny News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Barry Eichengreen thinks policymakers’ race to roll out new payment vehicles is being driven by some questionable assumptions.

As the fall semester started in September, Liu Xiaojing, 35, a product manager in Beijing, enrolled her 7-year-old son into an after-school English-language program. That was a sort of an encore. The child had completed a similar program that coincided with the spring semester. The only difference this time round was that Liu paid 3,168 yuan ($437) toward the program in digital yuan, or e-CNY.

Since the first day I started covering stories about the digital yuan, one question has occupied my mind constantly — What is the real relationship between the country's push toward a central bank digital currency, or CBDC, and yuan internationalization?

Hong Kong Monetary Authority will launch a series of pilot schemes with banks and technology firms to test the e-HKD from the fourth quarter.

China should take a lead role in creating international rules for digital currencies, which will increase global settlements using the yuan and loosen US dollar dominance, experts say.