China has been looking to challenge the US dollar’s reserve status and wants to expand the digital yuan’s reach to include domestic and international payments.
China’s central bank chief Pan Gongsheng has pledged to expand the footprint of the digital yuan, reaffirming the country’s vision for its central bank digital currency (CBDC).
According to a Reuters report, China is creating an international operations center in Shanghai for the digital yuan, also known as e-CNY. Pan made the remarks at the Lujiazui Forum, a professional forum for high-profile local and international finance regulators and executives.
China envisions a “multipolar” currency system where multiple currencies support the global economy, Pan said. This vision contrasts with the current system, where a few currencies, like the US dollar and the euro, play large roles in the global financial system.
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