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Beijing's digital yuan policy will have its Huawei moment

Privacy concerns rise as central bank covets data now held by Alipay and WeChat

The digital yuan, undergoing trial runs in several cities, is due to be formally launched before China holds the Winter Olympics next year.   © Reuters

One of China's ancient "36 stratagems" for winning advantage over an adversary is called "killing with a borrowed knife." It refers to the ploy of using another's strength to achieve one's aims.

Beijing's planned launch of a digital yuan is a case in point. It "borrows" a technological breakthrough to lay the foundation for China's party-state to reassert control over powerful private sector actors.

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