China Digital yuan vs US dollars

[Ayers]

Maybe China has taken such steps to strengthen its economic system. The Chinese government wants to reduce the use of the US dollar in their country. If they succeed in their digital yuan experiment, they may start using this currency instead of the US dollar. The Chinese government may be getting such a fad to reduce the global demand for the US dollar. Now it remains to be seen how successful the Chinese government can be in this new plan. But I believe no other currency can replace the US dollar. Because the demand for the US dollar has increased several times over before, the value of the Euro and the US dollar have been close recently.

China is rising and it is true. We still don't know if China can beat the US to become the world's No. 1 power and whether the renminbi can replace the US dollar. But it is not true to claim that no currency or country can defeat the United States. You should learn the history of world currency, before USD, we had how many other currencies that once ruled the world. Moreover, the value of USD is increasing since inflation is not because its demand is increasing. Rather, the US is abusing its power to export inflation, causing the eurozone economy to fall into crisis, the euro depreciating, not the dollar increasing in value thanks to demand.

[ancafe]

China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.

Digital Yuan has been launched by the Chinese authorities and even since its launch there have been many negative responses from the people there, because according to some people there the existing payment system is quite complete. Currently they are making great success clamps for this development project and more and more are encouraged to use Digital Yuan in comparison to crypto in general, moreover there is a specific prohibition regarding crypto there.

However, many countries right now are also starting to get wary of the intention of China, at least in part this is exposed with the pandemic. Many countries are now starting to resist the influence of China. Many are now seeing that China can be a trap. Personally, I don't see China to be the one to dominate of the vacuum that will be left by USA in the global commerce, that position is reserved for another (still emerging) entity.

I recognize economic growth, technology and resource development increasingly rapidly in China, but specifically do not see the effects of Digital Yuan because long before that their economic power has grown rapidly through other sectors. Yuan Digital is only a tool and reason for the rejection of Bitcoin and Crypto in the country because of the nature of those who want to regulate, so that Yuan Digital is launched to break the dominance of cryptocurrency in the country.

Personally I do not see Yuan Digital will accelerate China's efforts to dominate and when talking about global trade is more political to wanting to control world trade in the ways they do.

[Pity Token]

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

[Fivestar4everMVP]

China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.

Is this a good thing or will China become even more economically powerful and therefore a threat?

The digital yuan China is currently building won't make her world power, becoming a world power takes much more than just having to create a digital version of a fiat currency.
It might interest you to know that China is not the first country creating a digital local currency, there are other countries that already have their digital currency in place, and are working tirelessly to make the citizens of the country adopt the digital currency, example of such country is
Nigeria... Nigeria already launched her own digital currency by the name - ENAIRA.

I f China is clamoring for world power, and they think that's all it takes for any country to become world power, then they are mistaken, it simply means any country can wake up one morning, create their own digital fiat currency and start clamoring for world power as well..

[Desmong]

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

Like you have written this is going to take a long time time for the Chinese yuan to be accepted generally and it's not going to be in the next few years. There had been remour that people are dumping the usd dollar for the Chinese yuan but that is not going to work as soon as possible. We still have us dollar to be stable since it life span had not expired.

[Newlifebtc]

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

Like you have written this is going to take a long time time for the Chinese yuan to be accepted generally and it's not going to be in the next few years. There had been remour that people are dumping the usd dollar for the Chinese yuan but that is not going to work as soon as possible. We still have us dollar to be stable since it life span had not expired.

I think that that information is a legitimate information and if Chinese happened to get what they are 12 by reducing the dollar from United State of America currency it will be very good because United States of America currency is the most valuable currency and people normally use it for importation and exportation of goods and services so if China sausage with their plan it will be better

[DrBeer]

China is sprinting its testing on the digital yuan. It will not take too long before the digital Yuan is executed and it believes China will become less independent of the US Dollar.

China would do anything to be free from the US Dollar. I wait for the time when it becomes a reality and would like to see if will enable achieve the financial dominance, they think is being suppressed by the US dollars.
Assuming this happens, the next thing we would hear is that they are trying to dominate the BRICs. Well, that's by the way what I like about its central bank digital currency (CBDC) is that, it has been in developed since the past couple of years. And it has gone through several testing phases unlike other countries that just jumped into it without any test and the project is failing woefully becasue they didn't do their due diligence.

"China will do everything to get rid of the US dollar. I'm waiting for the time when this becomes a reality, and I would like to see if this will achieve the financial dominance that, in their opinion, is suppressed by the US dollar."

You can reasonably prove:
1. China got free from the dollar? Those. did he become INDEPENDENT FROM THE DOLLAR? Arguments and facts - in the answer, I'm waiting
2. "SUPPRESSED BY DOLLARS" - give examples and arguments of how the dollar suppressed the Chinese economy with dollars.

And additional, "homework": Tell me about:
- the structure of China's gold and foreign exchange reserves
- the structure of the Chinese economy (orientation and flows of money, in what currencies)
- about the structure of internal and external debt obligations (in terms of debt currencies) ?

And we will get a real picture, ok? Or don't expect answers? It’s just that they are all easily verifiable, I’ll warn you right away ....

[darewaller]

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

Like you have written this is going to take a long time time for the Chinese yuan to be accepted generally and it's not going to be in the next few years. There had been remour that people are dumping the usd dollar for the Chinese yuan but that is not going to work as soon as possible. We still have us dollar to be stable since it life span had not expired.

Maybe those people who dump their USD for the same purpose are the people from China? They need to support their own country and maybe they are being encourage of doing it in exchange for something valuable. There are still people that are outside China who dumps their USD.

It does not mean that they also have a hate with the US but they are only doing it for the sake of earning a profit. I don't think there is such thing as expiration when it comes to currencies unless if we are talking about scam cryptos here. It's been a long time since the US dollar was established and until now it still functions very well. This will continue like this until the future.

[DrBeer]

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

Like you have written this is going to take a long time time for the Chinese yuan to be accepted generally and it's not going to be in the next few years. There had been remour that people are dumping the usd dollar for the Chinese yuan but that is not going to work as soon as possible. We still have us dollar to be stable since it life span had not expired.

You love fairy tales, you don't like getting to the truth, and it's unclear why you don't like the dollar
And now about each statement in detail:
1. The yuan will replace the dollar or become a significant international currency. No. Given the political situation in China, and the growing economic difficulties in their economy - who needs a currency that has only problems behind its back? Just think why the US dollar is the world's reserve currency and the whole economy runs on it? And you will understand why the yuan will never take this place.
2. Smoothly move on to the second: I agree with what - a number of countries that consider themselves China's partners "in the fight against the dollar", simply become servants of China, being de-dollarized ... by the hands of China! And they will be highly dependent on China, in fact "economic slaves". This is the essence of what is happening in the BRICS - the yuanization of those who do not "turn on the brain." The goal is to save the Chinese economy by proxy (economy).
3. Why did the dollar not please you? With its help, everything is very simple, transparent and understandable, they form prices, conduct transactions, and you do not need to see the same goods on store shelves in different currencies and prices! Is there a real argument against the dollar? Well, just not a fairy tale "the dollar is to blame for the poor life of many countries"