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Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 9:30 p.m. ET.

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Philippines, Japan Deepen Defense Ties Amid China's Military Activity In South China Sea

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Canadian Warship Transits Taiwan Strait Ahead of Landmark Chinese Foreign Minister's Visit

Trump Opposes Iran Uranium Transfer to China

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In this special episode, we sat down with James Gorrie, author of "The China Crisis," writer at The Epoch Times, and blogger for The Banana Republican. He talks about the currency wars. Is the dollar's dominance going to fall?

Gorrie notes the debut of China's central bank digital currency during the Beijing Winter Olympics. He said, "China was the first kind of big developed economy to debut it—a central bank digital currency—and that's kind of a Sputnik moment. That puts them ahead of the game. That puts them, that gives people pause."

As for the dollar's dominance, Gorrie said, "If you're not having confidence in the economy of the reserve currency, or the way that country—the U.S. in this case—comports itself abroad and controls situations and resolves situations, if that's not happening, then there is that opportunity, and China knows full well, if that's the case, and they are taking advantage of it."

And in the second half, Grant Newsham, retired Marine Col. and director of One Korea Network, touches on what it would mean for Americans if war were to break out between China and Taiwan, the strategic implications, and more.

Newsham said, "Something that I think is the fundamental requirement when America deals with Taiwan that doesn't get so much attention ... is the need to break Taiwan out of 40 years of isolation, and particularly Taiwan's military. For the last 40 years, it has pretty much been on its own. Yes, the Americans have had some meetings and maybe a little training, a few small training teams have gone to Taiwan. But the American forces do not do joint exercises or joint training with the Taiwan military. So the Taiwan military, it's in some ways it's stuck 40 years ago."

He adds, "The most important thing that needs done for Taiwan is break the isolation, a free trade agreement, and then start adding to the hardware that you need: the long-range missiles, anti-ship missiles, anti-aircraft systems, unmanned aerial vehicles, that sort of thing."

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China's Central Bank Digital Currency Debut 'A Sputnik Moment': James Gorrie