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After Mr. Chen’s briefing, Mr. Xi announced that China should speed up research into blockchain, according to a report released late last week by the country’s official Xinhua News Agency.

While Beijing has previously been skeptical about cryptocurrencies, some investors and experts had expected cautious support for blockchain technology as part of a broader competition with the U.S. over financial firepower. China’s central bank is also in the midst of developing its own digital currency. Yet the fact that such an endorsement for blockchain came from Mr. Xi himself took the market by surprise.

https://www.wsj.com/articles/the-professor-the-president-and-the-pep-talk-that-kicked-off-a-blockchain-rally-11572611156

China has a trillion dollar problem, while the US has a 22 trillion dollar one. Debasing the dollar would be the most powerful blow in the unfolding US-China economic rivalry.