China is expanding into digital currencies, hoping to promote use of its 'people's money'

BANGKOK (AP) — China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world's second-largest economy and challenge the overwhelming sway of the U.S. dollar in international trade and finance.

However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or “people’s money,” are big obstacles blocking its global use .