China tracks, traces its enemies with Orwellian digital currency assault
COMMENTARY
By Peter Navarro - - Tuesday, July 18, 2023
OPINION:
The U.S. dollar as the world’s reserve currency and the SWIFT global money transfer system represent the twin pillars of a transparent international financial system capable of policing criminal activities and deterring rogue nations from conduct outside international norms.
Today, both pillars are crumbling as China strategically pushes the adoption of its new digital currency, the digital yuan.
Since the 1944 Bretton Woods Accord, the U.S. dollar has served as the world’s primary reserve currency, with central banks around the world holding about 60% of their foreign reserves in greenbacks, compared with about 20% for the euro and around 5% for the Japanese yen and British pound.
This global dollar demand has, in turn, artificially increased its value as measured in its exchange rate.
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READ MORE: https://www.washingtontimes.com/news/2023/jul/18/china-tracks-traces-its-enemies-with-orwellian-dig/
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