The writer would like to thank the following people, as well as many who preferred not to be named, for their help:

Coen Armstrong, Douglas Arnor, Suresh Badhami, Christopher Beddor, Keshav Binani, Luca Bocchio, Alex Chehade, Marco Cipriani, Patrick Collison, Katherine Conroy, Céline Dufétel, Linda Goldberg, Kim Grauer, Martin Gronemann, Navin Gupta, Melissa Guzy, Matthew Janney, Kamal Kant, Hiro Kiga, Gabriele Laspada, David Liang, Antoine Martin,Tamara Moellenberg, Saurabh Mukherjea,Uttam Nayak, Harry Nellis, Nandan Nilekani, Jack Poon, Praveena Rai, Raghuram Rajan, Alex Rampell, Renuka Sane, Harshjit Sethi, Ajay Shah,Tej Shah, Sameer Shetty, Ahmed Siddiqui, Daleep Singh, Hera Smith, Lewis Sun, Alex Tran, Rich Turrin, Lulu Wang, Jason Zhao and staff at the Hong Kong Monetary Authority.

The writer also recommends the following sources for further reading:
• Eichengreen, Barry. “Sanctions, SWIFT and China’s Cross-Border Interbank Payments System.” Centre for Strategic and International Studies Marshall Paper. May 2022.
• Siddiqui, Ahmed. “The Anatomy of the Swipe.” New Degree Press. April 2020.
• Turrin, Richard. “Cashless: China’s Digital Currency Revolution.” Authority Publishing. April 2021.
• Chorzempa, Martin. “The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology.” Public Affairs. October 2022.
• Wang, Lulu. “Regulating Competing Payment Networks.” Working paper. May 2023.
• McKinsey Global Banking Practice. “The 2022 McKinsey Global Payments Report.” October 2022.
• Prasad, Eswar. “The Future of Money.” Belknap Press. September 2021.
• Patrick McKenzie’s Bits about Money newsletter.
• Duffie, Darrell, and Elizabeth Economy, eds. “Digital Currencies: The US, China, And The World At A Crossroads.” Hoover Institution Press, Stanford University, 2022.
• Cembalest, Michael. “The Maltese Falcon.” Eye on the Market with J.P.Morgan. February 2022.
• Sarkisyan, Sergey. “Instant Payment Systems and Competition for Deposits.” Working Paper. May 2023.
• Gopinath, Gita, and Jeremy C. Stein. “Banking, trade, and the making of a dominant currency.“ The Quarterly Journal of Economics. May 2021.
• Bank for International Settlements Innovation Summit, 2023.
• BIS Innovation Hub. “Project mBridge: Connecting economies through CBDC.” October 2022.