China Advances Digital Yuan Expansion Amid Global CBDC Race

China's central bank governor Pan Gongsheng announced plans to establish an international operations center for the digital yuan in Shanghai, signaling accelerated global ambitions for its CBDC. The MOVE comes as part of Beijing's broader push to create a "multi-polar" currency system challenging the dominance of the US dollar and euro.

While China doubles down on state-backed digital currency development, the US appears focused on crypto regulation through initiatives like the proposed Genius Act for stablecoins. This divergence highlights the growing bifurcation in digital asset strategies between the world's two largest economies.

Globally, CBDC momentum continues with the EU progressing toward a digital euro, the UAE targeting a 2025 launch for its digital dirham, and Israel releasing preliminary designs for a digital shekel. These developments suggest central banks worldwide are entering an implementation phase for sovereign digital currencies.