ANZ Bank Yang Yuting: Currency must be linked to data

According to Sina Finance News, on November 29th, the 2019 China Financial Annual Forum and Financial Street Financial Market Summit was held in Beijing. Yang Yuting, chief economist of ANZ Greater China, said that digital currency is centralized. One day using the US dollar as a sanction against other countries risks, digital currencies are a very good resistance option. Therefore, currency must be linked to data, because data is the resource that generates the greatest economic value in the future. China may have a lot of traffic in terms of data, but none of the industries supporting data. And chip data and 5G are definitely our standards for judging whether this currency is truly international currency. In the past, the US dollar was equal to gold, and gold was not enough for the US dollar. If the renminbi is internationalized, the data may play an important role. In addition, Yang Yuting pointed out that monetary policy is not really a tool to really promote long-term GDP and economic growth. We can only use credit very carefully.