China Launches New Digital Yuan Operations Center in Shanghai
China’s central bank has opened a new operations center for its digital currency, the digital yuan, in Shanghai. The center will manage cross-border payments, blockchain services, and digital asset operations.
According to a Xinhua News Agency report, the People’s Bank of China (PBOC) aims to boost the digital yuan’s international use through three platforms:
- A cross-border digital payment platform
- A blockchain service platform
- A digital asset platform
The payment platform uses legal digital currency to solve common problems in traditional international payments. The blockchain platform enables smooth transfer of transaction data and on-chain digital yuan payments across industries. The digital asset platform provides financial-grade digital asset services.
Lu Lei, Deputy Governor of the PBOC, said the cross-border digital currency infrastructure will follow principles of “no loss, compliance, and interoperability.” He added that a preliminary system for cross-border digital yuan payments is already in place.
Part of a Broader Strategy to Expand Global Finance Role
The new digital yuan center is part of a wider plan announced by PBOC Governor Pan Gongsheng in June 2025. The plan aims to increase China’s influence in global finance. It includes developing yuan futures and promoting offshore bond issuance by Shanghai-based companies.
China has also increased yuan use in international trade. Its domestic payment system, CIPS, is now used by foreign banks. Additionally, China is exploring yuan-backed stablecoins to reduce reliance on the U.S. dollar and expand the yuan’s global reach.
