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April 9, 2021
Communist China became the first major economy to create a government-sanctioned digital currency digital yuan. Such a move will significantly impact the great power competition between the United States and China and may reshape the dollar-dominated global financial structure forever.
When Xi Jinping, the Chinese Communist Party General Secretary, talked about returning China to a world superpower status, he always envisioned China’s currency (the yuan) would achieve a global reserve currency status akin to what the U.S. dollar has enjoyed since the end of World War II.
The American dollar’s dominance in international financial structure has given the U.S. government tremendous political leverage, allowing it to carry out sanctions against foreign government officials and nation-states such as Iran and North Korea by cutting them off from the global banking system. For example, the Trump administration sanctioned Hong Kong executive Carrie Lam for suppressing