When China began rolling out tests of its new digital yuan, many observers feared that the central bank-issued digital currency posed a threat to the U.S. dollar’s role as the world’s reserve currency and preferred medium of exchange. But the real threat may be to America’s private sector.
That’s according to Yaya Fanusie, a former CIA analyst and fellow at the Center for American Security, who spoke Wednesday at a virtual event staged by the Atlantic Council, exploring the economic and geopolitical implications of the digital yuan.
He pointed to a recent crackdown by Chinese authorities on Sweden-based Hennes & Mauritz
after the world’s second-largest fashion chain said last year that it would no longer source cotton from China’s Xinjiang region in response to human-rights abuses there.