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Here's the translation: China's central bank, the People's Bank of China, has announced that its digital currency, the Digital Renminbi (RMB or Digital Yuan), has fully integrated a cross-border settlement system with 10 ASEAN countries and six Middle Eastern nations. This means 38% of global trade volume now bypasses the US dollar-dominated SWIFT system, entering the "Digital Yuan era." This financial shift, described as the "first battle of Bretton Woods 2.0" by The Economist, is changing the global economic structure through blockchain technology. Key points: 1. *Faster settlements*: Digital Yuan transactions settle in 7 seconds, compared to 3-5 days for SWIFT. 2. *Lower fees*: Transaction fees reduced by up to 98%. 3. *Technological superiority*: Digital Yuan's blockchain technology ensures traceability and anti-money laundering compliance. 4. *Global adoption*: 23 central banks participate in pilot projects, and Middle Eastern energy traders reduce settlement costs by 75%. This technological revolution impacts financial autonomy, challenging the US dollar's dominance. China's strategic planning integrates Digital Yuan with Belt and Road initiatives, forming a "Digital Silk Road." Global implications: 1. *De-dollarization*: Countries like Malaysia and Singapore include RMB in foreign exchange reserves. 2. *Increased efficiency*: Blockchain technology boosts trade efficiency by 400%. 3. *Global network*: 87% of countries compatible with Digital Yuan system, with cross-border payments exceeding $1.2 trillion. China's quiet financial revolution reshapes global economic control, raising questions about future dominance.
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