A sign indicating the digital yuan on a vending machine at a subway station in Shanghai in 2021. Photo: Reuters
Opinion
Opinion
Macroscope
by Anthony Rowley
Bit by bit, central bank digital currencies like China’s will eat into US dollar hegemony
These CBCDs, which will soon include the Russian rouble, are likely to finance a good deal more bilateral trade, thus weakening the US dollar’s role in trade
While the dollar will still carry weight as a transaction currency in which countries invest their international reserves, the balance of power seems destined to shift