国际事务研究院-中国人民币国际化与中国数字货币计划（英）-2023.4-19页_757kb

The article by Bencivelli and Zangrandi analyzes China's efforts to internationalize the renminbi and the role of its digital currency, the e-cny. Key points include:

• China pursues renminbi internationalization through economic reforms, such as exchange rate flexibility and financial market opening, but these efforts have been hampered by structural issues like a current account surplus and capital controls, limiting the renminbi's global presence.
• The e-cny is a forerunner digital currency in trial, offering potential benefits within China but unlikely to significantly boost renminbi internationalization due to these structural constraints. It is not a game-changer for currency global use.
• Geopolitically, the e-cny could provide China with opportunities through technology export, positioning it as a standard-setter in CBDCs, similar to its role in telecommunications equipment.
• Challenges to e-cny adoption include regulatory hurdles, limited international acceptance, and the need for AML/CFT measures when deployed globally.
• The article concludes that while the e-cny is strong domestically, its major impact lies in technology dissemination for local-currency CBDCs elsewhere, potentially facilitating alternative payment networks over the long term, despite global legal, economic, and political barriers.