China’s central bank has opened a new digital yuan operations center in Shanghai, featuring platforms for cross-border payments, blockchain technologies, and digital assets. According to analysts, the initiative marks another step in Beijing’s bid to expand the global reach of its currency.
The new facility of the People’s Bank of China will oversee the development and operation of cross-border payment systems and blockchain infrastructure. It is also designed to serve as a bridge between domestic and international financial networks.
According to PBOC Deputy Governor Lu Lei, preliminary cross-border infrastructure for the digital yuan has already been established. The center is expected to support trade, investment, and innovation in digital finance.
The launch is seen as a significant milestone in boosting China’s presence in global finance and enhancing the yuan’s international role. Other initiatives under consideration include yuan futures trading and encouraging companies to issue offshore bonds in Shanghai.
China is now positioning the yuan as a competitor to the US dollar. Experts view the move as part of President Xi Jinping’s broader strategy to build a financially powerful nation anchored in currency stability. The initiative comes amid escalating trade tensions between Washington and Beijing.
