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China SWIFT joint venture shows Beijing eyeing global digital currency use,to internationalise yuan

A joint venture between the world’s largest electronic payment messaging system and the department responsible for China’s proposed central bank digital currency is being viewed as a sign that Beijing is exploring the global use of its planned sovereign digital currency and aiding its desire to internationalise the yuan.

Calls have been growing from within China for Beijing to reduce its reliance on the US dollar by increasing the global use of the yuan amid deteriorating relations with the United States.

And while it remains unclear at this stage as to the scope of the joint venture between SWIFT and both the Digital Currency Research Institute and the China National Clearing Centre within the People’s Bank of China (PBOC), the development of the digital yuan could help promote its international use and support the nation’s push to rival the US as a global economic power, analysts said.


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