China is reportedly looking to ramp up its use of its digital yuan, a digital version of the nation’s currency, for cross-border payments. The country has been slowly developing the digital yuan since 2014, but this is one of the first times that it has sought to apply it to international transactions. According to reports, this move is seen as a way for China to reduce its reliance on the U.S. dollar for international trade. The Chinese government is also reportedly looking to make the digital yuan more convenient to use. This includes making it easier to convert to and from other foreign currencies, as well as creating a digital wallet that can be used to store and spend the digital yuan. The Chinese government is also reportedly working on plans to make the currency more easily accepted in international markets.
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