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SOURCE / ECONOMY
By Global Times Published: Apr 21, 2021 08:18 PM
A vegetable store supports digital yuan payment in Shanghai. Photo: Qi Xijia/GT
The alleged impact of the digital yuan on the international financial system won t be significant, as the emerging Chinese digital currency only covers a small amount of payments currently, the former head of China s central bank said on Wednesday. The digital yuan is currently being tested for low-value payments such as cross-border retail and online shopping. and its globalization process depends on the yuan s globalization, Zhou Xiaochuan, former governor of the People s Bank of China (PBC), said on Wednesday during a panel discussion under the Boao Forum for Asia (BFA).
The monetary sovereignty of national central banks should be respected. Meanwhile, digital technology can still be used to greatly improve convenience, said the former governor of the Chinese central bank on Sunday.
Perhaps in the long run there will be a move towards monetary integration, but it doesn t work yet, Zhou Xiaochuan, Vice-Chairman of the Board of the Boao Forum for Asia (BFA), former governor of the People s Bank of China (PBC), said on Sunday at a panel for digital payments and digital currency at the BFA in South China s Hainan Province.
Zhou added that each country has its own control over the economy and currency sovereignty. Therefore, if the central bank s digital currency was to be developed, many countries will have their own digital currencies, which are based on their own currency and under their own rules. In this case, the cross-border use of digital currency is very complicated.