Quotable quotes from Tsinghua PBCSF Global Finance Forum

PBOC former governor Zhou Xiaochuan

China's experimental digital yuan is not designed to replace the US dollar's global dominance. The digital yuan, also known as e-CNY or Digital Currency Electronic Payment, is primarily built on modernizing China's payment system and playing catch-up in the era of the digital economy and aims to raise efficiency, reduce costs and serve the retail payment segment in particular.

Efforts to modernize and digitize the yuan-denominated payment system would help in increasing the yuan's status. However, the yuan's internationalization is contingent upon the country's institutional and policy choices, and its reform and opening-up progress, he said, and technical factors are only helpful to some degree.