CMC News

#China Launches #Digital Yuan Hub in Shanghai

China's central bank opened a digital yuan operations center in Shanghai on Thursday, featuring platforms for cross-border payments, #blockchain services, and digital assets. The People's Bank of China unveiled the facility as part of efforts to expand the currency's reach and reduce dependence on the USD.

The center oversees three key platforms, including cross-border payments infrastructure, blockchain service networks, and digital asset management systems. PBOC Governor Pan Gongsheng announced this initiative in June as one of eight measures to advance yuan internationalization within a "multipolar" monetary framework.

Deputy Governor Lu Lei confirmed that preliminary cross-border financial infrastructure for the digital yuan is already operational. The Shanghai hub will strengthen connections between China's domestic financial systems and international networks, supporting trade and investment flows.

Tsinghua University's Tian Xuan called the launch an important step toward strengthening China's influence in international finance. The center offers a "Chinese solution" for improving cross-border payment infrastructure as authorities seek alternatives to dollar-dominated systems.