China’s Digital Currency Electronic Payment: A ‘negotiated currency’ perspective

Lisha Wang
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Lisha Wang: PhD Candidate, The Chinese University of Hong Kong, China

Journal of Payments Strategy & Systems, 2023, vol. 17, issue 1, 58-67

Abstract: Around the world, interest in central bank digital currency (CBDC) is on the rise, and China’s digital currency electronic payment (DCEP) network is currently leading the way. This paper argues that despite its primarily domestic focus, DCEP has potential implications for the setting of standards for cross-border transactions in CBDC. Furthermore, the interoperability of Chinese private payment systems combined with the appeal of DCEP among countries looking to circumvent US sanctions could induce more countries to adopt it, thus improving the renminbi’s ‘negotiated’ status in the long run.

Keywords: CBDC; DCEP; RMB internationalisation; cross-border payment (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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