People's Bank of China (PBOC)

Central to any future engagement with China is a greater application of digital technologies.

PBOC sees digital currency issuance and control as a new battlefield for conflict between sovereign states.

The currency’s rally since this year’s nadir in late May has made it one of the best performers in Asia, with the buying momentum still standing close to the strongest since January.

Political risks and inflation could disrupt this prevailing rate stability going forward.

China, one of the world's least cash intensive countries, moves one step closer towards a central bank digital currency.

Unlike cryptocurrencies, which use distributed ledgers and strong cryptography to capture details of coin ownership and transaction, PBOC favours a centralised ledger model that will record and monitor transactions.

Discussions are already underway in Washington about the prospect of a digital dollar to maintain the greenback's hegemonic position.

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