A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo
A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo
Andrew Leung
Opinion

Opinion

Macroscope by Andrew Leung

How China’s digital currency will thwart US dollar trap and help the world

  • The digital renminbi is a sovereign currency fully backed by the state, does not require a bank account and has full oversight by Chinese banking authorities
  • Developing countries will embrace the convenience of China’s digital payment systems, which have great poverty-relief potential for the world’s unbanked poor

A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo
A woman in Suzhou, China, shows a smartphone app that allows its user to buy things with the digital yuan. This is part of an ongoing trial of the new currency. Photo: Kyodo
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Andrew Leung

Andrew Leung

Andrew Leung has had decades of experience as a senior Hong Kong government official in a variety of fields including finance, industry, social welfare and overseas representation. Since his retirement in 2005, he has built up a reputation as an international and independent China strategist. He features regularly in international TV channels and conferences.