Commentary: Renminbi depreciation chances growing
By Mark Sobel in Washington
With the intensification of the latest US-China trade salvos, the renminbi has fallen anew. It is approaching Rmb7 per dollar, a figure imbued by markets, and perhaps authorities, with significance. While a US-China trade deal would create global risk-on sentiment and strengthen the renminbi, the probabilities it could breach the key threshold are escalating, not because of ‘weaponisation’ but rather economic realities. The Chinese authorities could use their $3tn in reserves to draw a line in the sand.
Read the full commentary on the website.
Jonathan Dharmapalan, founder and chief executive of eCurrency, and Teunis Brosens, lead economist for digital finance at ING Group, join Bhavin Patel, senior economist and head of fintech research at OMFIF, to discuss the future of central bank digital currencies.
They cover the difference between currency and payment systems, the motivation and use case for central bank digital currencies, and the role of public-private partnerships in CBDC implementation.
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