Central to any future engagement with China is a greater application of digital technologies. But this goes way beyond WeChat, the annual shopping event known as Singles Day or even e-commerce.

Future engagement with China includes blockchain development that is compatible with Chinese system development, emerging trade protocols and cross-border trade settlement. Much of this will include China’s sovereign digital currency or digital renminbi (RMB). 

Currently, the digital RMB is confined to domestic use in China, but it is inevitable that it will be used in cross-border trade transactions.

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