Shanghai Digital Yuan Center Advances China’s Global Payment Ambitions

The People's Bank of China has launched a digital yuan operations hub in Shanghai, marking a strategic push to internationalize the currency. Eight new initiatives were unveiled, including cross-border payment infrastructure and blockchain services.

Central bank governor Pan Gongsheng emphasized building a multi-polar monetary system, with the digital yuan serving as a cornerstone for global transactions. The Shanghai center will develop three Core platforms: international e-CNY settlements, blockchain-based financial services, and a digital asset exchange.

"This strengthens China's position in global finance while offering innovative solutions for cross-border payments," said Tian Xu. The MOVE accelerates China's fintech leadership ambitions as central banks worldwide explore sovereign digital currencies.