What you need to know: China successfully completes its blockchain-based digital currency trial. China could have the first central bank that issues a digital currency. This could not only upgrade domestic and cross-border RMB payment systems, but also significantly accelerate internationalisation of the RMB

Why this is important: Digital currencies are likely to move internationally really quickly. If successful, digital RMB can help promote the usage of China’s currency in cross-border trade, investment and finance. Eventually, we expect RMB digitalisation to be closely intertwined with RMB internationalisation and could easily be a significant catalyst for its acceleration.

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