China Opens New Center to Boost Digital Yuan Use Worldwide

Key Highlights Shanghai hub advances digital yuan’s role in global payments and trade New center integrates cross-border payments blockchain and digital assets China targets reduced reliance on the ￰0￱ with e-CNY innovation China Launches e-CNY International Operations Center in Shanghai The People's Bank of China (PBOC) officially opened the e-CNY International Operations Center in Shanghai the nation's financial capital

marking a significant step toward expanding the digital yuan’s global ￰1￱ PBOC announced this development emphasizing that the new center aims to facilitate the internationalization of the Chinese currency and advance digital financial ￰2￱ initiative is part of eight measures unveiled by PBOC Governor Pan Gongsheng at the Lujiazui Forum in June who said the center is designed to ” promote the internationalization of digital currency and develop financial market services while supporting innovation in digital finance. ” The opening introduces three main platforms critical to this mission: a cross-border digital payment system a blockchain platform

and a digital financial ￰3￱ Center Propels China’s Digital Currency Ambitions The center’s launch arrives amid China’s broader efforts to increase yuan usage internationally and reduce dependence on the ￰4￱ Xuan President of the National Institute of Financial Research at Tsinghua University highlighted the move’s global significance: ”This will strengthen China’s influence in the global financial system and provide an open inclusive

and innovative Chinese solution to improve the global cross-border payments system.” Adding to this momentum Chinese authorities are reportedly considering yuan-backed stablecoins and Hong Kong fintech AnchorX recently launched the first stablecoin pegged to the international yuan (CNH) designed to facilitate payments among Belt and Road ￰5￱ China’s cryptocurrency trading ban in 2021

the new center and related digital financial initiatives suggest a measured shift toward controlled adoption of digital ￰6￱ e-CNY pilot began in Hong Kong in May 2024 and this expansion signals Beijing’s commitment to positioning the digital yuan as a key player in the future of global finance.