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Another step towards de-dollarisation? Why is China expanding into digital currencies?

News Snapshot:

There’s a quiet change sweeping China’s economy. The Asian giant is slowly but steadily pushing forward with digital currencies — there are reports that it is even considering a yuan-pegged stablecoin. The move is pegged to the country’s long-term ambition to counter the dominance of the US dollar in trade and finance China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes. Representational image/Reuters China has long been trying to establish its yuan, or renminbi, as an alternative to the dollar. Beijing has expressed its desire to overcome the sway of the US dollar…

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