Renminbi

Challenging the US-dominated world order, China strives to increase its global influence, with the yuan emerging as the main contender to replace the dollar as world’s reserve currency. The world’s second largest economy with a gross domestic product of $17.7 trillion, second only to the United States with $23.3 trillion,…

Popular apps like WeChat have started supporting the Chinese digital currency. Photo: Ng Han Guan (AP)Three Republican Senators have proposed a bill to try and ban the use of apps that support China’s digital currency, also known as e-CNY or digital yuan, over concerns that the Chinese government could use the currency to spy on U.S. citizens. The draft law was labeled as the “Defending Americans from Authoritarian Digital Currencies Act,” and calls for prohibiting app stores including Apple and Google from carrying any…