The writer is chief economist at Enodo Economics
China has already made one attempt to turn the renminbi into an international currency and reduce its dependence on the dollar. It is now trying again, and this time things really could be different.
The renewed effort to dethrone the dollar is based in large part on China’s technological prowess. It is banking that the development of the necessary financial infrastructure, the country’s world-beating mobile payments systems and a successful launch of the digital version of the renminbi will make it easier to use and promote the currency beyond China’s borders.
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