China Launches Digital Yuan Operations Center to Boost Global Trade

China has taken a significant step toward expanding the digital yuan's role in global finance with the launch of a new operations center in Shanghai. The People’s Bank of China announced the opening on September 25, emphasizing its focus on cross-border payments, blockchain services, and digital asset platforms. The MOVE aligns with central bank governor Pan Gongsheng's June commitments to strengthen the yuan's international use within a "multipolar" monetary framework.

The center includes a cross-border payment platform, a blockchain service platform, and a digital asset platform, according to Xinhua News Agency. Tian Xuan of Tsinghua University hailed the initiative as a "Chinese solution" to enhance cross-border infrastructure and China's standing in the global financial system. Beijing's push reflects its ambition to reduce reliance on the U.S. dollar while cautiously exploring yuan-backed stablecoins—despite its 2021 crypto ban.