China deserves this power and dominancy because with this initiative they have become world innovation leader and others will learn and follow them in years to come. So China will be seeing better position both socially and financially due to this forward leap.
Who really cares about a centralized digital currency, the valuation depends upon how much the investors are interested in the concept and i doubt whether it will go further than what is anticipated by the Chinese government. They are creating this to overcome the financial restrictions imposed upon them and whether it will be a successful move is to be seen.