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 U.S. dollar 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 footprint. The PBOC announced this development, emphasizing that the new center aims to facilitate the internationalization of the Chinese currency and advance digital financial services.
The 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 marketplace.
Shanghai 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 U.S. dollar. Tian Xuan, President of the National Institute of Financial Research at Tsinghua University, highlighted the move’s global significance:
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 countries.
Despite China’s cryptocurrency trading ban in 2021, the new center and related digital financial initiatives suggest a measured shift toward controlled adoption of digital currencies. The 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.
Source: https://coinpaper.com/11295/china-opens-new-center-to-boost-digital-yuan-use-worldwide
