The Chinese yuan dropped to a 16-year low versus the dollar on Friday amid economic headwinds. The currency bounced Monday after China's central bank moved to stabilize the currency.

The People’s Bank of China (PBOC) has added to this effort by promoting a digital yuan. But all this effort has barely moved the needle against the dollar’s use in international transactions .

SHANGHAI/HONG KONG (Reuters) - A global markets sell-off spurred by an unwinding of yen-funded carry trades has turned the spotlight on China's yuan, which is also used widely as a cheap funding ...