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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