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Fast forward on the path to digital RMB in globalized and networked era

chinadaily.com.cn | Updated: 2024-05-30 07:05

A staff member demonstrates the payment with China's digital yuan, or the e-CNY, during the first Global Digital Trade Expo in Hangzhou, East China's Zhejiang province, Dec 12, 2022. [Photo/Xinhua]

The top authorities always stress that China should actively participate in the formulation of international rules on digital currencies and digital taxes to shape its competitive advantages.

In recent years, the country has taken practical measures to diversify the pilot cross-border payment scenarios for the digital renminbi and expand its coverage. The issuance and circulation of digital currencies, especially sovereign digital currencies authorized by central banks, will profoundly change the existing international monetary, clearing and settlement, and financial systems. As a digital currency issued by China's central bank, the digital renminbi boasts of a solid credit endorsement, huge user base, solid user habit and leading theoretical framework.

In a globalized, digital, and networked era, China should actively participate in the making of international rules and standards for digital currencies, strengthen the sharing, exchanges and cooperation in the research and development and supervision of various digital currencies, actively and steadily promote the popularization of the digital renminbi at home and abroad, and promote the construction of related global infrastructure, to make economic globalization more open, inclusive, balanced and beneficial to all.

On the one hand, it should steadily promote the issuance and application of the digital renminbi at home, expand its users and its scope of use, and promote its use and application innovation, to ensure China's comparative advantage in the digital currency field. On the basis of adhering to scientific and technological innovation, it should develop digital renminbi solutions with more advanced underlying technology, more optimized program designs, and more convenient applications, so as to give play to its advantages in scale, efficiency, technology and data.

On the other hand, China should effectively promote institutional innovation, technological innovation, and capability innovation in financial and monetary supervision, digital RMB issuance and circulation supervision, and strengthen its monitoring to combat financial crimes such as money laundering and underground finance, financial fraud, as well as capital flight. Practical measures should be taken to effectively avoid the importing of external risks and shocks through cross-border transmission.

It should strengthen cooperation with its major economic and trade partners, and those which have the need to reduce dependence on other major currencies, or those with a need for currency diversification in terms of international transaction pricing and clearing and foreign exchange reserves. At the same time, pilot projects of digital renminbi cross-border payment and clearing and international cooperation should also be advanced in an active and sound manner.


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