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How Will China Counter US Financial Hegemony?



China’s plan for a central digital currency aims to fulfill numerous goals, from consolidating domestic control to competing in the global financial field.

How does China plan to contest U.S. financial hegemony, and what does this contest mean for the power of the Chinese Communist Party over China’s private sector economy? A new report from the Center for New American Security examines the Digital Currency/Electronic Payment project, China’s latest efforts to develop and take advantage of technology in the financial domain. Finally, and perhaps most importantly, the Chinese government wants the kind of control that digitization offers because it wants to make the finances of potential regime foes transparent to the state. Of course, all of this happens against the backdrop of the successful weaponization of financial monitoring and currency tools that the U.S.

This article was written by Robert Farley

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