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Rise of Digital Yuan: China's Path to Reducing Dollar Dependence

Summary by The Matrix Mag

In 2022, China introduced a digital RMB cross-border settlement system to reduce the dependence on the US dollar in international trade and finance. With trial initiatives, China started testing the cross-border use of its digital currency in collaboration with Hong Kong, Thailand, and the United Arab Emirates (UAE). Contrast to SWIFT, which is a messaging network rather than a payment system, the digital RMB cross-border settlement system seeks…

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Rise of Digital Yuan: China's Path to Reducing Dollar Dependence

In 2022, China introduced a digital RMB cross-border settlement system to reduce the dependence on the US dollar in international trade and finance. With trial initiatives, China started testing the cross-border use of its digital currency in collaboration with Hong Kong, Thailand, and the United Arab Emirates (UAE). Contrast to SWIFT, which is a messaging network rather than a payment system, the digital RMB cross-border settlement system seeks…

7 days ago

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The Matrix Mag broke the news in 7 days ago on Tuesday, March 25, 2025.

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