세계 각국의 중앙은행 디지털 통화 발행 논의와 전통화폐의 퇴장

Abstract

The global monetary system still functions around the US dollar, but in recent years the internationalization of the renminbi has gone hand in hand with the rapid expansion of China’s economy. The renminbi has been used internationally for public foreign currency assets as well as for trade and capital transactions and has become a constituent currency of the SDR basket. The People’s Bank of China (PBOC) is also working to develop a digital yuan, introduce the renminbi international payment system CIPS, and promote the renminbi as a major international currency. In this sense, China is embarking on a race for US currency and financial hegemony. In major countries, especially China and Sweden, CBDC issuance is being reviewed as a reality. Among them, what is attracting attention is the issuance of the digital People’s Yuan by the People’s Bank of China. Basic design and standardization have already been completed, and it was announced that demonstration experiments will be conducted in Shenzhen, Suzhou, Ungan, and Chengdu in April 2020. In addition, the United States, which was cautious about introducing the existing CBDC, is also shifting to an active posture. Some view China’s digital yuan issuance as a challenge to the US dollar’s supremacy as an international currency, but it is not that simple. In order to become an international currency, a strong network of trade and finance is required, and the US dollar is supported by the national power of the entire US. In addition, to become an international currency, capital outflows must be allowed to some extent, but China is struggling to curb capital outflows even by banning cryptocurrency transactions. It is believed that the purpose of the immediate digital yuan issuance is to curb capital outflow by enabling the tracing of funds by digitization. CBDC has its pros and cons. However, IT technology innovation cannot be stopped, and the progress will continue in the future, and it is thought that the digital currency era will come soon. Not only China, but each country will need to quickly promote the establishment of a system in preparation for this digital currency era. While the current renminbi does not have a presence that threatens the status of the US dollar in Asia and globally, the Biden administration has positioned China as “the most important competitor threatening global governance” and has maintained a close relationship with China in monetary and financial terms. The competitive position is becoming increasingly clear. In this study, I examine the degree to which China has internationalized the renminbi, how it seeks to challenge US monetary and financial hegemony, how the US has used the renminbi to counteract China in its tools, monetary and financial terms, and what the challenges are. cognition will be summarized. Lastly, the issue of responding to CBDC in Europe and Japan was discussed.