China's new digital currency looks like its paper money. A mobile phone app developed for the People's Bank of China allows users to spend it like cash. The central bank digital currency (CBDC) could be used for international trade, and likely won't be linked to the global financial system.
It comes after the value of the cryptocurrency plummeted by 20 percent in the first week of January.
The approval is a win for Beijing's campaign for recognition as a global economic power.
The last time energy was this cheap, Eisenhower was president.
Making the internationalization of the yuan the centerpiece of economic policy is pure insanity.
"Calling it a market disaster is not an overstatement," one analyst said.
The Yuan float is a sham. Until China frees its currency, its economy and its people, the market cannot work.
A decade ago, China's currency was very lightly traded abroad. Now it is one of the five most heavily traded in the world.