Days after the European Central Bank (ECB) publicly disclosed its roadmap for a digital euro project on 24 July, the People’s Bank of China (PBoC) published a white paper describing the advancements of its plan for a digital yuan (e-CNY).
While the EU roadmap outlines an investigation phase which will end in five years, China has already introduced several pilot experiments for its e-CNY. In June 2021, the e-CNY was employed in more than 70.7 million transactions for a value of 34.5 billion yuan by 20.8 million retail users and 3.5 million corporate users.
Topic:
International Political Economy, Political Economy, Governance, Finance, Currency, and Digital Policy
The conventional narrative is that China is, or will, by 2030, be the largest economy in the world. Based on commonly held expectations historically about prewar Germany, the USSR and Japan, greater humility would not go amiss. It is not preordained that past economic trends will continue, especially in view of a much compromised outlook for both China and the rest of the world in the 2020s
Topic:
International Political Economy and International Affairs