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China Pushes Yuan’s Global Use as Dollar Confidence Wanes
BEIJING – China is actively seeking too expand the use of its currency, the yuan (also known as Renminbi or RMB), internationally, particularly as confidence in the U.S. dollar shows signs of weakening. These efforts aim to challenge the dollar’s dominance, though the greenback remains the world’s primary reserve currency [[1]].
Key Developments:
* PBOC Initiatives: People’s Bank of China Governor Pan Gongsheng recently emphasized the need to reduce reliance on a single sovereign currency and announced plans for a digital yuan internationalization center in Shanghai and increased trading of yuan-denominated foreign exchange futures [[1]],
