China Proposes an 'Asian Yuan' to Reduce Dependency on the US Dollar

[Fenix]

Researchers at a Chinese state-run think tank have proposed an Asia-wide digital currency in order to minimize the country's dependency on a dollar-based economy.

The views of researchers Liu Dongmin, Song Shuang, and Zhou Xuezhi from the Chinese Academy of Social Sciences (CASS) were published in a late September issue of the "World Affairs journal," which suggested the introduction of an "Asian yuan" token. The token would reduce Asia's dependency on the US dollar.


Read More - https://www.coingabbar.com/en/crypto-currency-news-english/china-proposes-asian-yuan-reduce-dependency-us-dollar

As I understand it, under the term "Asian yuan", it is proposed to introduce a regional CBDC in the Pacific region. But I would like to immediately decide whether such a currency will be a digital yuan or a new digital currency. Because the introduction of the yuan, even digital, will make all states in this region dependent on China. If this is a new CBDC, then of course, let them experiment. But this currency is likely to circulate predominantly in this region and trading on the international market will be difficult due to low liquidity.

[IvugeoEvolutionCoin]

Researchers at a Chinese state-run think tank have proposed an Asia-wide digital currency in order to minimize the country's dependency on a dollar-based economy.

The views of researchers Liu Dongmin, Song Shuang, and Zhou Xuezhi from the Chinese Academy of Social Sciences (CASS) were published in a late September issue of the "World Affairs journal," which suggested the introduction of an "Asian yuan" token. The token would reduce Asia's dependency on the US dollar.


Read More - https://www.coingabbar.com/en/crypto-currency-news-english/china-proposes-asian-yuan-reduce-dependency-us-dollar

As I understand it, under the term "Asian yuan", it is proposed to introduce a regional CBDC in the Pacific region. But I would like to immediately decide whether such a currency will be a digital yuan or a new digital currency. Because the introduction of the yuan, even digital, will make all states in this region dependent on China. If this is a new CBDC, then of course, let them experiment. But this currency is likely to circulate predominantly in this region and trading on the international market will be difficult due to low liquidity.

The Asian Yuan seems to have the aim of introducing the use of the yuan currency to Asian countries, and of course it provides information that by using this currency you can get whatever you want. The main aim is to replace the US Dollar, which currently many people use.

[Fenix]

The Asian Yuan seems to have the aim of introducing the use of the yuan currency to Asian countries, and of course it provides information that by using this currency you can get whatever you want. The main aim is to replace the US Dollar, which currently many people use.

The Chinese Yuan can be accepted for goods supplied within the scope of trade with that country. Even in Russia, big problems have arisen with excess yuan, which they no longer know where to spend. With India, the problem is of a different order: by supplying oil for rupees, Russia is faced with the fact that Indian banks do not want to withdraw their rupees from the country. Therefore, Russia has tens of billions of dollars worth of rupees in Indian banks, but cannot fully manage them. There cannot be such problems with dollars, since there are no problems with the liquidity of the dollar.

China is seeking to get rid of dollars because it anticipates possible conflicts from the United States, for example, over Taiwan, and receiving sanctions following the example of Russia. And Russia has more than 300 billion dollars in banks abroad, which are frozen and the issue of transferring them to Ukraine to compensate for losses caused by Russian aggression is being decided. Naturally, China does not want similar problems with dollars in the future.

[James Anderson]

It is not easy to reduce dollar dependency

[Carbitcoin]

The Asian Yuan seems to have the aim of introducing the use of the yuan currency to Asian countries, and of course it provides information that by using this currency you can get whatever you want. The main aim is to replace the US Dollar, which currently many people use.

The Chinese Yuan can be accepted for goods supplied within the scope of trade with that country. Even in Russia, big problems have arisen with excess yuan, which they no longer know where to spend. With India, the problem is of a different order: by supplying oil for rupees, Russia is faced with the fact that Indian banks do not want to withdraw their rupees from the country. Therefore, Russia has tens of billions of dollars worth of rupees in Indian banks, but cannot fully manage them. There cannot be such problems with dollars, since there are no problems with the liquidity of the dollar.

China is seeking to get rid of dollars because it anticipates possible conflicts from the United States, for example, over Taiwan, and receiving sanctions following the example of Russia. And Russia has more than 300 billion dollars in banks abroad, which are frozen and the issue of transferring them to Ukraine to compensate for losses caused by Russian aggression is being decided. Naturally, China does not want similar problems with dollars in the future.

This is all understandable, of course, but China is definitely striving to implement the plan to take a leading position in the Asian region and take advantage of the moment when the world has turned against Russia. Although not without her help

[Bobcrypto]

Researchers at a Chinese state-run think tank have proposed an Asia-wide digital currency in order to minimize the country's dependency on a dollar-based economy.

The views of researchers Liu Dongmin, Song Shuang, and Zhou Xuezhi from the Chinese Academy of Social Sciences (CASS) were published in a late September issue of the "World Affairs journal," which suggested the introduction of an "Asian yuan" token. The token would reduce Asia's dependency on the US dollar.


Read More - https://www.coingabbar.com/en/crypto-currency-news-english/china-proposes-asian-yuan-reduce-dependency-us-dollar0

The name yuan already tagged to the Chinese currency and this may not be considered by other Asian countries. I think it is a good idea but the "Asian yuan" may be debated or asked and could be renamed to accommodate all interest on the Asian nations. A good examples is the Euro that stand for the European countries, I think the Asian nation should borrow their approach.

[Senin]

The name yuan already tagged to the Chinese currency and this may not be considered by other Asian countries. I think it is a good idea but the "Asian yuan" may be debated or asked and could be renamed to accommodate all interest on the Asian nations. A good examples is the Euro that stand for the European countries, I think the Asian nation should borrow their approach.

Asian states clearly need to use not the Chinese digital yuan as a regional digital currency, but a completely new digital currency. They need to protect themselves in case sanctions are subsequently imposed on China by the United States and Europe for actions towards Russia, Taiwan, or for some other reason. In this case, the Chinese yuan may fall sharply in value

[Freemind]

What the Chinese government intends to do by implementing the Asian Yuan is exactly the same thing the United States did several decades ago. Make most countries buy Yuan to import and export goods, thus making the Yuan as totally necessary as the Dollar is now. If the intention is to also use CBDC, what the Chinese government will achieve will not only be to control the world economy, but also to know which countries or companies move (or try to move) their money to tax havens.

Whatever happens, if the Chinese government is successful and implements its Asian yuan, tensions with the US government will rise again, and at that moment the rest of the countries should position themselves.

[Peter90]

I wouldn't touch any product created by the communist party. Why on earth do you think this Yuan is free from government intervention and better than the USD?

China just wants to expand its influence in Asia to follow other countries economically, then territorially. e-CNY is a Chinese experiment, it is not widely accepted, it will not be able to compete with USD in the global economy.

Whom they will ask to use Asian Yuan I know with most countries they have border issues

Under the pretext of liberation from the dependence of the dollar, China is simply imposing its yuan.

The Asian Yuan seems to have the aim of introducing the use of the yuan currency to Asian countries

The name yuan already tagged to the Chinese currency and this may not be considered by other Asian countries.

Asian states clearly need to use not the Chinese digital yuan as a regional digital currency,

None of you read the article


"The researchers stated that, similar to other existing and trialed Central Bank Digital Currencies (CBDCs), distributed ledger technology (DLT) would constitute the backing of the Asian token, which would be tied to a group of 13 currencies.

According to the researchers, the currencies would include those of all ten Association of Southeast Asian Nations (ASEAN) member countries, as well as China's Yuan, Japan's Yen, and South Korea's Won."


This new currency - which will be used only as international trade settlement, not within the countries - is not the Chinese Yuan.
It is a basket of the currencies of the ASEAN countries + of Japan and Korea.

Those Chinese scholars were following the Euro story.
This is exactly what happened in Europe, with the currencies of the European Countries in the 70es building a basket, called ECU, a virtual currency, which later - in 2000 - became the Euro.

[ariaryanto]

absolutely right, I agree with what you say... Asia is still dependent on the dollar, if Asia wants to no longer depend on the dollar, it's easy, what you say is true.

But for now Asia can't be independent of the dollar because it's not as easy as we imagine to be independent of the dollar

[Peter90]

What the Chinese government intends to do by implementing the Asian Yuan is exactly the same thing the United States did several decades ago. Make most countries buy Yuan to import and export goods, thus making the Yuan as totally necessary as the Dollar is now.

You too didn't read the article

If you read the article past the title you would read that this new currency would be a currency representing a basket of asian countries: The ASEAN countries plus China, Japan and Korea.
So it would be a new currency representing the national currencies of these countries:

Brunei Darussalam,
Burma,
Cambodia,
Indonesia,
Laos,
Malaysia,
Philippines,
Singapore,
Thailand,
Vietnam,

+

China,
Korea,
Japan


This has nothing to do with what the USA did with their $


Who invented the misleading formulation "Asian Yuan"?
Those Chinese scholars or the author of the article?

[Jaephoenix]

I dont really know if the world is ready for digital assets or blockchain based currencies. Some countries that have launched it have not utilized it yet. For example, my country. There was launch of the digital currency but the citizens, we view it with scorn and suspicions because we don't trust the government one inch

[TopT3ns]

absolutely right, I agree with what you say... Asia is still dependent on the dollar, if Asia wants to no longer depend on the dollar, it's easy, what you say is true.

But for now Asia can't be independent of the dollar because it's not as easy as we imagine to be independent of the dollar

It's true that we can't be independent yet because fighting the USD is a very tough step, but slowly but surely, it seems that currencies like the Yuan are already widely used, and hopefully they can compete with the USD. At least maybe we can also switch to a lighter cryptocurrency, even though the price is unstable.

[damsix]

Read More - https://www.coingabbar.com/en/crypto-currency-news-english/china-proposes-asian-yuan-reduce-dependency-us-dollar

The global economy is very volatile, making competition between USD and YUAN continue in various sectors.
This thread will also continue to focus on competition from USD and YUAN which can have an effect on the price of Bitcoin.
But everyone has the right to make their choice, there are those who choose USD and there are those who choose YUAN, depending on what they want.
More wisely, perhaps we could combine the YUAN and USD that we own, along with Bitcoin and Gold that we also own so that we don't have to worry about choosing them.