China Seeks To Reduce Dependence On Dollar, Proposes To Issue An Asian Yuan

The proposed distributed ledger technology-backed “Asian yuan” token would supposedly help reduce Asia’s dependence on the U.S. dollar for international business. Researchers from a Chinese state-run think tank have floated the idea of an Asia-wide digital currency with the aim to reduce its reliance on a United States dollar-based economy. The views of researchers Liu Dongmin, Song Shuang, and Zhou Xuezhi from a unit of the Chinese Academy of Social Sciences (CASS) were published in an issue of the “World Affairs journal” posted online in late September, who said the establishment of an....

We all know that the US dollar has been the global reserve for a while now, but not for long. The current economic situation looks bad for the dollar, all thanks to one-sided monopolistic and hypocritical foreign and economic policies. Thanks to the growing influence of China and Russia on the as they build their gold reserves and encourage foreign trade with domestic currencies. Chinese Yuan is a strong contender to replace the dying dollar. Russian Ruble staying right behind. United States brought this upon itself by playing hardball with the countries that refused to play along with it.....

China’s sovereign currency, the yuan, has slid significantly in value during the last few months as it has shed 8% against the U.S. dollar during the first half of 2022. China’s fiat currency is currently the weakest it has been against the U.S. dollar in roughly two years. Amid the depreciating yuan, China is suffering from a significant real estate crisis as the overextended Chinese housing sector has been collapsing. China’s Yuan Slides to a 2-Year Low Against the US Dollar, PBOC Slashes Rates to Bolster Liquidity The global economy is not looking great....

China has stepped up controls over transactions in a bid to reduce capital outflow amid a waning yuan – yet bitcoin activity continues. China: More Barriers To Fiat Transactions. The country’s regulator, the State Administration of Foreign Exchange (SAFE) in the past week announced spot inspections of any outgoing transaction of over $5 million.....

Experts from an economic institute in China have circulated the idea of creating a blockchain-powered digital currency that could lower Asia’s reliance on the greenback. The initiative comes against the backdrop of an expanding digital yuan pilot, and after recent trials of cross-border payments with state-issued digital currencies in the region. China Suggests Minting Asia-Wide Digital Yuan Underpinned by Distributed Ledger Technology Chinese government researchers have proposed the introduction of a new digital currency in Asia in order to reduce the region’s dependence on the U.S. fiat....