PARIS, Nov. 12, 2020 /PRNewswire/ — Leanne Zeng, Vice President of Global Affairs at Thousand Cities Strategic Algorithms Cloud Technology (TCSA), attended a panel that explored “The New Digitalization of International Finance and the Future of the International Monetary System” on November 5. The panel took place during the Dialogue of Continents, a forum hosted by the Hamburg Institute of International Economics and the Reinventing Bretton Woods Committee.
Chaired by Ousmene Mandeng, Senior Advisor at Accenture, the panelists included Jean Pierre Landau, Former Deputy Governor of Banque de France; Rod Garratt, Chair in Economics, UC Santa Barbara; Harold James, Professor of History and International Affairs, Princeton University; and Livio Stracca, Deputy Director General International Relations, European Central Bank. Panelists engaged in a heated debate and exchanged their views on existing problems in the global monetary system, as well as the positive impact of central bank digital currency and private digital currency on international payment systems and inclusive finance.
Zeng was invited to share her insights into the significance of the Digital Currency Electronic Payment (DCEP) created by the People’s Bank of China, the implication of digital RMB currency on cross-border payment, and RMB internationalization in countries in the Belt and Road Initiative. Zeng highlighted that although the emergence of Libra was the catalyst for research in digital currency among monetary and financial circles, the People’s Bank of China had already embarked research in 2014.
As China’s first digital currency, DCEP combines the functionalities of digital currency and electronic payment. DCEP supports offline payments and has far-reaching impacts on inclusive finance and the internationalization of the RMB. Through collecting real-time data on monetary flows, DCEP provides a useful reference for the formulation and implementation of customized monetary policies and improves transparency in policymaking. With the support of digital currency, central banks can obtain transactional and behavioral data in unison, effectively exercise financial supervision, combat illicit activities and even specify the special use of digital currency during emergencies.
The chair also invited Zeng to introduce TCSA’s innovative solution in the field of monetary data analytics. Based on real-time monetary data, TCSA synchronizes national economic, fiscal, monetary and financial data, which is integrated into a national economic data brain. This solution enhances government leadership over social and economic resources, improving the timeliness and accuracy of economic decisions.