Translating economic scale into financial heft

If China is already off the mark with its digital currency, who will the future belong to when this ultimate goal is achieved?

China is the second largest economy in the world with a gross domestic product (GDP) of $14 trillion, about 18 per cent of global GDP, and may soon become No 1. It has been the world’s biggest trading nation since 2013 and has a current export-import volume of more than $4.5 trillion. China has the world’s second largest equity and bond markets, respectively. Its bond market is worth $13 trillion and constitutes 11 per cent of the global total. Similarly, its equity market by capitalisation is 12 per cent of the global volume. But its weight in the global economy