Fred Reed is eminently Reedable as always. He puts out the facts and asks the right questions. The Chinese Digital Yuan is backed by the huge Chinese manufacturing infrastructure. It's also backed by gold. It's also backed by a market basket of world currencies. If the International Bank of Settlements or the Federal Reserve want to establish a world reserve currency to replace the dollar, they've got some catching up to do.
Is this something we should resist? We don't want to trust the People's Bank of China with our financial information. We don't want to give up the enormous advantages that Americans have enjoyed as purveyors of the world reserve currency.