Could Digital RMB Address China’s Vulnerability to the Global Financial System

The international financial system is dominated by the U.S. Washington has often used its clout in the international financial system to further its economic and geopolitical interests through financial sanctions. As antagonism between the U.S. and China moves beyond trade and technology, how the US-China rivalry will play out in the new stage of international finance is a matter of great concern to the world.

Meanwhile, China is rolling out its central bank backed digital currency  – Digital Currency Electronic Payment (DCEP), and is intensifying its efforts to internationalise Renminbi.

How would the Digital Renminbi impact the global financial system?  Could DCEP facilitate the internationalisation of RMB and mitigate China’s risks in the international financial system? Could the U.S. disconnect China from the global payment network?

These issues were discussed by the panel of experts from China, Russia, Switzerland, and the U.S. , who also shared their perspectives on the way forward.