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China is accelerating efforts to expand the digital yuan’s reach domestically and internationally, aiming to challenge the US dollar’s dominance. Central bank chief Pan Gongsheng announced plans for an international operations center in Shanghai to bolster the e-CNY’s global footprint.
- China is establishing a Shanghai-based international operations center to expand the digital yuan's global use.
- The initiative aims to create a 'multipolar' currency system, reducing reliance on the US dollar.
- Pan Gongsheng announced the plans at the Lujiazui Forum, a key gathering of financial leaders.
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