Thinking About China
Opinion

Beijing’s Ballyhooed Digital Yuan Has Disappointed, at Least so Far

A slow start for China’s digital yuan may not spell doom for Beijing’s monetary ambitions, but it does point to significant difficulties.
Beijing’s Ballyhooed Digital Yuan Has Disappointed, at Least so Far
Signage of the Chinese digital currency is seen near a coffee store in the New Actuation Fintech Center in Beijing on Feb. 17, 2022. Jade Gao/AFP via Getty Images
Milton Ezrati
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Commentary

The People’s Bank of China (PBOC) was one of the world’s first central banks to push a digital currency. The initial launch dates back to September 2020. Other central banks, most notably the Federal Reserve in the United States and the European Union’s European Central Bank, have talked about launching a digital dollar and a digital euro, respectively, but have not yet issued one.

Milton Ezrati
Milton Ezrati
Author
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”