China has officially launched an international operations center for its digital yuan in Shanghai, a move aimed at solidifying the e-CNY’s role in global transactions.
The center, which began operations on Sept. 24, introduced three business platforms focused on cross-border digital payments, blockchain services, and digital assets.
Lu Lei, a deputy governor of the People’s Bank of China (PBOC), said that the central bank is committed to offering open and innovative solutions to improve global cross-border payments. He noted that a preliminary framework for the digital yuan’s cross-border financial infrastructure has been built.
The launch marks a significant step in China’s strategy to promote the global use of its currency. By building out its own infrastructure for cross-border finance and digital assets, Beijing aims to increase the efficiency of international trade and investment settlement while creating new channels for the yuan’s adoption.
Wu Wei, Shanghai’s executive vice mayor, stated that the center will help support the city’s development as an international financial hub and boost the yuan’s internationalization.
The international operations center is managed by the PBOC’s digital currency research institute. It is responsible for building and running the digital yuan’s cross-border and blockchain infrastructure.
