China surprised the world on Thursday when it decided and cancel the dollar peg in the stock exchange transactions and decided to deal officially and the official link to the Chinese yuan instead of the dollar, and this is a bold and important step in China’s economic history. This means that the dollar has become non-existent in Chinese trading and the US dollar will fall strongly against the Chinese yuan and may affect it in global markets. And all the global markets were stunned by the decision. The news was discussed on Thursday BBC World English afternoon program. It is an economic war that could lead the world to a devastating war that cannot be neglected if America acts foolishly in the face of this decision !! China 2021 will lead the world. This is China’s old dream and what it planned to achieve for decades or more.
China plans a separate digital currency e-RMB, to take on fights with dollars $
e-RMB, which is set to be the first digital currency operated by a major economy.
“A sovereign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level,” last week’s China Daily report said.
Some government employees and public servants to receive their salaries in the digital currency from May.
A decline in cash usage is expected to continue amid the growing popularity of digital payment platforms and as people avoid physical contact during the coronavirus pandemic.
It may also facilitate integration into globally traded currency markets with a reduced risk of politically inspired disrupt
The worry is if Trump’s government will comply to the decision taken by Chinese government. Ugandan business men and women who deal with stocks from China should bare it in mind that any time dollars may mean them nothing if they happen to do business trip in China beginning with next month of June
