The fact that The People's Bank of China (PBOC) was the first major central bank to launch its own central bank digital currency (CBDC) shows that China is not afraid of taking bold actions and can implement complex new systems much quicker than their American or European counterparts. Sometimes being first really does matter and I’m absolutely certain that there are lots of people within the Fed and the ECB who are justifiably very worried about the situation.
Read MoreTo hike or not to hike and why should you care?
Next week the Fed will decide whether or not to hike rates for the first time since June 2006. Polls by Reuters and Bloomberg show that the vast majority of market participants expect a rate hike. Any remaining doubt was erased by the positive jobs numbers a week ago. But every time there's a strong consensus about something, there's a chance for a big surprise.
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