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China could be waging its biggest attempt yet to threaten dollar hegemony and the monetary system that emerged after World War II.   © Illustration by Eric Chow
The Big Story

Will China's digital yuan vanquish the dollar?

50 years after the 'Nixon shock,' a new era in international finance is dawning

NARAYANAN SOMASUNDARAM, Nikkei staff writer | China

HONG KONG -- For years, China's efforts to develop a digital currency seemed intended for domestic use only. The introduction of an "e-yuan," which is still being tested, would help China go cashless while giving the central bank tight centralized control over digital money.

However, a new development appeared on July 16: A government white paper shook up financial markets by saying China was exploring cross-border payments for the e-yuan.

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