Hong Kong has also tested the experiment with Thailand, on the side of the purchase of goods against payments with digital currency.
Alliances with Southeast Asian countries
After all, it is understandable, the internationalization of the renminbi in a classical form marks the step, but Beijing does not give up and wants to continue to make it the main instrument for supporting trade exchanges.
China, Japan, South Korea and the ten Asean countries, in 2020 updated the CMIM (Chiang Mai Initiative Multilateralization) agreement: local currencies join the dollar in case of urgent financing and with a higher ceiling. A good 192 billion is attributable to China, Japan, South Korea; 48 to the ASEAN countries.
The renminbi can play a key role in this $ 240 billion regional financial safety net, marking a fundamental step towards financial self-sufficiency for participating countries using local currencies by easing dependence on the US dollar.
The plans of the central authorities for the future
The Fifth Plenum called for a decisive advancement of the digitization program: the Plenary of the Parliament in joint session, in March, included the DCEP in the long-term plan until 2035.