China’s investment has slowed sharply recently after accounting for nearly one-third of global investment over the past three years and about one-half of global consumption in certain metals such as iron ore, aluminum, copper, and  5  In five of the six quarters since mid-2014, the price of oil has decreased for a cumulative decline of 70 percent.
In consideration of the financial system today, it would be important to explore design features that would ensure complementarity with established financial intermediation. A CBDC—depending on its features—could be attractive as a store of value and means of payment to the extent it is seen as the safest form of money.