China takes pride in having socialism with Chinese characteristics. Its fast-tracked central bank digital currency will also have its own distinct characteristics and could be operational by 2022. Most central banks are experimenting cautiously with CBDCs, but the People’s Bank of China is moving quickly. It is not clear why. The PBoC will keep cash, now some 7% of gross domestic product, in circulation. China has the best digital retail payment system, operated by the duopoly of Alipay and Wechatpay. China is planning a retail CBDC, one of only a few central banks to do so. Finally, cross border payments with ... (full story)