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China and Gulf states share interest in taking digital yuan global

Both see value in developing alternative to dollar-centered financial system

| China
A booth promoting digital yuan during the China International Fair for Trade in Services in Beijing on Sept. 1: The People's Bank of China has declared that the digital currency is technically ready for cross-border use.   © Reuters

Andrew Cainey is a senior associate fellow with the Royal United Services Institute, a defense and security think tank based in London, and co-author of the forthcoming "Xiconomics: What China's Dual Circulation Strategy Means for Global Business." Alessandro Arduino is principal research fellow with the Middle East Institute of the National University of Singapore.

China's digital currency project started the year with a splash of publicity and promotion at the Beijing Olympics in January where foreign athletes and attendees were invited to try out the digital yuan, or e-yuan.

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