China is taking the lead in the global race to launch central bank digital currencies. In June, China is giving some $6.2 million worth of digital yuan to Beijing residents via a lottery, and the short-term goal is to have foreigners use the digital yuan at the Winter Olympics in 2022. What’s at stake? Will the digital yuan challenge the global dominance of the U.S. dollar? How will central bank digital currencies change the global trade and payment systems? And with digital currency experiments across the country, how is China re-imagining its own financial infrastructure, and what happens to existing payment systems offered by Alibaba and Tencent? Are the country’s institutions and regulations ready to handle this innovation?