China Should Expand Digital Yuan to Gain Currency Prominence: Times

China should first allow wider use of its digital yuan to allow more global use of its currency so that it can bypass the traditional financial information and fund settlement system, controlled by the U.S. and avoid having the U.S. monitor its transactions, wrote Qiao Xinsheng, professor of Zhongnan University of Economics and Law in a commentary run by Securities Times. Qiao suggests starting the process from service trade by allowing Chinese travelers overseas to use digital yuan to exchange local currency in China's state-owned commercial banks' overseas branches, the newspaper said. The traditional financial settlement system is based on the U.S. dollar, while the U.S. can have other countries' trade and investment information as well as imposing sanctions on companies and individuals, the newspaper said.