Core Points - The article discusses China's efforts to internationalize the Renminbi (RMB) and reduce reliance on the US dollar, particularly through the expansion of the Cross-Border Interbank Payment System (CIPS) and the promotion of the "Digital Silk Road" [1][2][4] - It highlights the historical context of Japan's failed yen internationalization in the 20th century and contrasts it with China's current strategies to avoid similar pitfalls [3][4] Group 1 - The meeting between Chinese President Xi Jinping and Cambodian Prime Minister Hun Manet confirmed the expansion of RMB payment options in Cambodia and the integration of Cambodian banks into the CIPS [1] - CIPS, initiated by China in 2015, has seen a 30% increase in participating banks over the past three years, totaling 1,667 banks [2] - The global share of RMB as a payment currency has reached 4%, ranking second after the US dollar, with a 7% share in trade payments [2] Group 2 - The article emphasizes that Japan's reliance on the US dollar during its yen internationalization was a key reason for its failure, a lesson that China aims to learn from [4] - The Chinese government is actively promoting its payment systems abroad, with WeChat Pay now available in over 40 countries, including Kazakhstan [2] - The article suggests that China is taking a more assertive stance in its economic policies, potentially reducing its holdings of US Treasury bonds and dollar assets [4]