The launch of a People’s Bank of China’s (PBoC) digital renminbi would probably have important implications for the global status of the Chinese currency. In HSBC Reserve Management Trends 2021, Hui Feng says a digital renminbi would be expected to “reduce transaction costs” and “increase efficiency” for internal payments and settlements. This would “facilitate [the renminbi’s] international acceptance and popularity”, says Feng, who is a fellow at Griffith University’s Asia Institute.