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CBDC Battle: Renminbi Leads $986B As 134 Nations Race to Challenge USD Dominance
CBDC Battle: Renminbi Leads $986B As 134 Nations Race to Challenge USD Dominance
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China’s digital yuan has surged ahead in the global CBDC race, processing 7 trillion yuan ($986 billion) in transactions by June 2024. The expansion marks a pivotal shift in the international monetary landscape, with 134 countries now developing sovereign digital currencies—a fourfold increase since 2020.
This coordinated push represents the most substantial threat to dollar hegemony since Bretton Woods. The e-CNY’s transactional volume demonstrates China’s first-mover advantage in what has become a strategic competition among central banks. Market observers note the acceleration coincides with declining crypto volatility, as traders increasingly view CBDCs as institutional counterparts to decentralized assets.
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