China and Gulf states share interest in taking digital yuan global

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

20221004 digital yuan booth.JPG

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.

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