Chinese Digital Currency Puts US Dollar at Risk

Chinese Digital Currency Puts US Dollar at Risk

(RepublicanPress.org) – President Joe Biden has not indicated an interest in undoing former President Donald Trump’s policies regarding Chinese business. Trump-era trade tariffs with China remain in place, and Biden’s top trade representative recently pledged to build upon the trade deal reached between the Trump administration and China. Although the support is surprising to some, the communist government’s efforts to bypass traditional economic channels demonstrate the need to maintain a hardline position with Chinese officials.

On May 6, the Washington Examiner published an extensive report on China’s emerging use of digital currency. There are growing concerns the move could hurt the value of the US dollar while increasing the importance of the Chinese Yuan.

Acceptance of the digital yuan outside of mainland China could give the communist regime the ability to bypass banks and other financial institutions subject to US statutes.

Incoming administrations like to put their own mark on foreign policy. However, when it comes to China, perhaps it would be best to continue Trump’s hardline approach to dealing with Beijing.

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