Digital yuan will combat US ‘dollarization’ says former PBoC governor

China’s digital currency approach will favor its domestic retail system and prevent the dollarization of the economy according to one former senior official.

Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), told attendees at a Eurasia Forum conference on Oct. 27 that the central bank’s focus in creating a digital currency differed considerably from that of the countries in the Group of Seven — Canada, France, Germany, Italy, Japan, the U.K., and the U.S.

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