Cheung Kong Graduate School of Business Scholars: Facebook deliberately evaded the inclusion of the renminbi in the Libra currency basket due to regulatory pressure

According to an article published by Li Haitao, deputy dean of the Financial Business MBA Program of Cheung Kong Graduate School of Business, the first financial report said that from the composition of Libra's linked currency, it is clear that it is deliberately avoiding the inclusion of the RMB in the currency basket. Among the Libra-linked currencies, the Singapore dollar has a higher correlation with the value of the renminbi. It is precisely because of the stability of the currency but the goal of “de-Chinaization”. Libra added the Singapore dollar to the currency basket. From the list of members of the association revealed in the white paper, Libra has a very obvious American brand. The vast majority of the first 28 member companies are American companies. In the question of the US Congress, Facebook CEO Zuckerberg has repeatedly played "China Card", saying that the Chinese central bank's digital currency plan will become part of the "Belt and Road" initiative and become an extension of China's influence in Asia and Africa. Diplomatic and economic policies, on the contrary, Zuckerberg has repeatedly mentioned that Libra will be mainly supported by the US dollar, and will expand the US's global financial leadership and promote American democratic values ​​in the future. We believe that Zuckerberg's series of "de-renminbiization" and "China brand" reflect the regulatory pressure Libra is currently facing.