Opinion: How China Can Turn the Yuan Into a Global Reserve Currency

For the yuan to match the dollar’s global status, it is necessary to greatly expand the Chinese currency’s role in international capital raising and investment. Photo: VCG

In the multidimensional geo-economic contest in which China and the U.S. are currently engaged, the future roles of their respective currencies have become a key focus of speculation. Concerns over debasement of the dollar have driven a surge in interest in cryptocurrencies. Meanwhile, the People’s Bank of China (PBOC) has been making steady advances in the roll-out of its own central bank digital currency (CBDC), dubbed the Digital Currency Electronic Payment (DC/EP).