President Trump called it terrible that the CCP is damaging freedom of the press in Hong Kong. It has also been reported that the US is looking to step up economic action against China. Media reports that the U.S. may kick the CCP out of the US dollar payment system SWIFT, accelerating the US-China financial decoupling.

Trump said: “I hate to see what happened in Hong Kong, because freedom is a great thing.”

The United States has imposed sanctions on Iran, North Korea, and Cuba, cutting off their foreign exchange deposits. China’s four major state-owned banks, which account for 50% of China’s foreign dollar transactions, may become targets of sanctions. This has made the CCP authorities extremely worried.

On Aug. 14, the Ministry of Commerce of the CCP expanded the scale of digital RMB pilot projects to 28 urban areas in China, covering 400 million people. However, digital RMB is not Bitcoin decentralization, but currency centralization – every transaction made can be traced by the authorities.

Experts believe that the digital RMB is not freely convertible, and it is even more difficult to be universally accepted in international trade. At most, it can only replace the circulation of paper money, or be forced to become the settlement currency in Belt and Road countries. The effect will be very limited if digital RMB is used to circumvent U.S. sanctions.

#CCP #U.S. #U.S.Sanctions

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