Chi­na’s New Dig­i­tal Cur­rency Will Fos­ter Hi-tech In­ter­na­tion­al­i­sa­tion of the Ren­minbi: Rich Tur­rin

Shang­hai-based fin­tech vet­eran Rich Tur­rin says that the launch of Chi­na’s new cen­tral bank dig­i­tal cur­rency (CBDC) will serve to greatly ex­pe­dite the in­ter­na­tion­al­i­sa­tion of the ren­minbi.

In an in­ter­view with China Bank­ing News, Tur­rin said that one of the chief ad­van­tages of Chi­na’s new CBDC is its abil­ity to per­mit ex­tremely nu­anced and fine-tuned con­trol of cur­rency flows, which will per­mit greater in­ter­na­tion­al­i­sa­tion of the ren­minbi with­out the need to fully open the coun­try’s cap­i­tal ac­count.

“What CB­D­C’s al­low China to do is to have what I would call par­tial con­vert­ibil­ity or par­tial lib­er­al­i­sa­tion of cur­rency,” said Tur­rin
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