China plans to drive global demand for the RMB by introducing a PBOC-backed digital currency into OBOR and other Chinese-driven global trade initiatives to lubricate cross border trade. While a digital RMB and China’s recent market reforms alone may not be enough to drive demand for the currency to levels that can eventually challenge USD supremacy, the strategy represents the PBOC’s methodical approach to RMB internationalization.
Author: Steve Hopkins
China is pursuing top foreign talent and investment to strengthen its fintech industry. The industry offers easy access to capital and supportive regulation that provide substantial market potential for ambitious market entrants. Despite cultural barriers and distinct consumer preferences, foreign startups with a proper China strategy can receive many of the same incentives and opportunities for success as domestic competitors.