A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters
A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters
David Chao
Opinion

Opinion

Macroscope by David Chao

How China’s digital currency push can boost fintech and the yuan’s global presence

  • The digital yuan offers stability and convenience that most popular cryptocurrencies do not
  • It will allow for better regulation of fintech, improve risk management for businesses, simplify cross-border transactions and promote overseas circulation of the renminbi

David Chao
David Chao

Updated: 4:48pm, 7 Apr, 2021

Why you can trust SCMP
A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters
A sign for China’s digital yuan, or e-CNY, is seen above Wechat Pay and Alipay signs at a counter during a trial of the Digital Currency Electronic Payment system at a shopping centre in Beijing on February 10. Photo: Reuters
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David Chao

David Chao

David Chao is a global market strategist (Asia Pacific) at Invesco, responsible for developing Invesco's view on the investment market and global economy, as well as providing strategic investment advice to financial professionals and clients in the region. He has over 15 years of experience in the financial industry across Asia Pacific and North American markets, and has provided advisory services to facilitate investments throughout Greater China and Southeast Asia.