The People’s Bank of China (PBOC) has opened an operational center in Shanghai dedicated to the digital yuan, or e-CNY. The announcement came through the Xinhua news agency, citing an official statement from the regulator.
As part of the launch, authorities introduced three key platforms: a system for cross-border payments, a blockchain-based service, and a platform for digital asset operations. The center will become part of the infrastructure aimed at accelerating the development of the digital yuan and strengthening its position in international settlements.
The hub in Shanghai is one of eight initiatives outlined by PBOC Governor Pan Gongsheng in June this year. At that time, he stated that the project’s goal is to promote the internationalization of China’s currency and integrate it into a so-called multipolar model of the global economy, where several currencies play a central role.
“Developing a multipolar international currency system will help strengthen political constraints for countries with sovereign currencies, increase system resilience, and better protect global financial stability,” Gongsheng said in June.
Gongsheng also emphasized that traditional cross-border payment infrastructures can be easily politicized and weaponized, serving as tools of unilateral sanctions and damaging the global economic and financial order.
According to Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, the opening of the center can be considered a significant step. He noted that this initiative could strengthen China’s influence in the global financial system and offer a “Chinese solution” for modernizing the infrastructure of international settlements.
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