O projeto chinês de internacionalização : o yuan digital, Hong Kong e o mercado internacional

Abstract

China's growing economic influence has been accompanied by strategies aimed at the internationalization of the yuan, seeking to strengthen monetary sovereignty and political autonomy through the reduction of its dependence on the U.S. dollar. In this context, this study aims to analyze the role of the digital yuan (e-CNY) and Hong Kong in China's monetary internationalization process, identifying their potential and limitations within geoeconomic dynamics. To achieve this objective, a qualitative single-case study was conducted, based on bibliographic and documentary research, as well as the analysis of primary sources. The findings indicate that the digital yuan represents a technological innovation with the potential to optimize cross-border transactions and mitigate vulnerabilities arising from the hegemony of the U.S. dollar and the dependence on Western payment networks, serving as a complementary instrument to China's internationalization strategy. At the same time, Hong Kong has functioned as a "financial laboratory" and a strategic bridge between China and global markets, fostering the international projection of the yuan, particularly through its participation in initiatives such as mBridge and the Belt and Road Initiative. Nevertheless, the limited openness of China's financial market, the need for greater compliance with international standards, and external geopolitical pressures continue to constrain the establishment of the yuan as a global currency. It is concluded that the internationalization of China's currency constitutes a gradual process, shaped by both domestic factors and the configuration of the International System.