🇨🇳 China Seeks to Reduce Reliance on U.S. Dollar by Advancing Digital Yuan and Multipolar Currency System
China is intensifying its efforts to reduce dependence on the U.S. dollar by promoting the digital yuan (e-CNY) and advocating for a multipolar global monetary system.
People’s Bank of China (PBoC) Governor Pan Gongsheng announced that the country will establish an international e-CNY hub in Shanghai, alongside plans to develop RMB-denominated futures contracts to support global usage of the yuan.
These steps are part of China’s broader strategy to strengthen its financial influence on the global stage, amid growing skepticism toward the U.S. dollar and increasing calls for currency diversification.
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