THE DEVELOPMENT OF CHINESE SOVEREIGN DIGITAL CURRENCY BASED ON RCEP
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Abstract
RCEP would conduce to increase the investment and trade dependence of member countries. With the increasingly close economic and trade relations in East Asia, the dependence of East Asian countries on the United States and the European Union would decrease to a certain extent. Meanwhile, it would also affect the status of the U.S. dollar, euro and sterling in Asia. The China Yuan (CNY), by contrast, would be more widespread. This would further accelerate the process of CNY internationalization. Under the RCEP framework and in the context of the global epidemic situation, China needs to integrate the RCEP rules with the "Trinity" strategy to promote the orderly, stable and sustainable development of CNY internationalization. Qualitative content analysis has been used in this article to investigate the implications of the signing of the Regional Comprehensive Economic Partnership (RCEP) for the internationalization of CNY. Furthermore, to explore the development direction of internationalization of CNY in the context of the uncertain international political and economic environment, which is under the RCEP. Considering that sovereign digital currency could improve the effectiveness of monetary policy and supervision capacity, and thus improve the financial risk prevention and control system of regional countries. Consequently, Chinese sovereign digital currency based on blockchain technology could become an effective path for the internationalization of CNY under the RCEP framework.
