A cyber yuan stands to give Beijing power to track spending in real time, plus money unlinked to the global financial system dominated by the dollar. It also could soften the bite of U.S. sanctions.
Source: China Creates Its Own Digital Currency, a First for Major Economy
“The dollar has faced challengers before—the euro, to name one—only to grow more important when rivals’ shortcomings became apparent. The dollar far outstrips all other currencies for use in international foreign-exchange trades, at 88% in the latest rankings from the Bank for International Settlements. The yuan was used in just 4%.”
So what happens if the yuan becomes the currency of last resert, which is what I think the us$ is. Something about the Bretton Woods agreement after WW2??
