Former Vice Chairman of the CSRC: The US Dollar Is Embarking on the Path of Digital Dollar Exploration

Li Jiange, former Vice Chairman of the China Securities Regulatory Commission, wrote that since the 20th century, the US dollar anchor has undergone four significant developmental stages: from the early gold-backed dollar, to the petrodollar, then to the US Treasury bond dollar, and now moving toward the exploration of a digital dollar. He emphasized the need to deeply understand the evolution of the dollar anchor and proactively adjust financial strategies. The current overall approach of the United States to building a digital dollar system is to incorporate the previously unregulated digital currency ecosystem into a compliant regulatory framework, ensuring that the development of the digital currency industry aligns with US national interests. Each transformation represents a strategic choice by the US to adapt to changes in the international political and economic landscape and to maintain its financial hegemony. For China, he suggested accelerating the internationalization of the renminbi, improving the financial market system, and promoting the research and application of digital currency.