The international operational center for the digital yuan (e-CNY) officially launched in Shanghai, marking an important step in the global development of China’s digital currency. The opening of the center aims to promote the yuan more actively as an international payment unit and to expand the range of digital financial services.
This is reported by Business • Media
Three New Fintech Platforms for Global Transactions
Along with the center’s launch, the People’s Bank of China (PBOC) introduced three innovative platforms: a cross-border digital payment system, blockchain infrastructure, and a digital financial marketplace. These solutions are designed to ensure more transparent and efficient financial operations, as well as to support international transactions in yuan, particularly for participants in the Belt and Road Initiative.
The opening of the center is part of eight strategic initiatives announced by the head of the People’s Bank of China, Pan Gongsheng, during the Lujiazui Financial Forum in June. According to him, the activities of the new center will help “promote the internationalization of digital currency and the development of financial market services, while supporting innovation in digital finance.”
China Strengthens the Role of the Yuan in Global Markets
Experts indicate that the international digital yuan center will become a powerful tool for enhancing China’s position in the global financial system. As noted by Tian Xuan, president of the National Institute of Financial Research at Tsinghua University,
“This contributes to strengthening China’s influence in the global financial system and provides an open, inclusive, and innovative Chinese solution for improving the global cross-border payment system.”
The launch of the center occurs amid Beijing’s efforts to reduce dependence on the dollar and expand the international use of the yuan. Chinese authorities are also considering allowing yuan-backed stablecoins, with relevant discussions ongoing at the government level since August 2025.
Previously, China began testing stablecoins in Hong Kong to minimize the impact of the US dollar and protect against capital outflows. Last week, the Hong Kong fintech company AnchorX launched the first stablecoin pegged to the international version of the yuan (CNH), aimed at optimizing cross-border transactions for participants in the global Belt and Road Initiative.
Despite the ban on trading and mining cryptocurrencies in mainland China since 2021, the government’s recent actions indicate a gradual rethinking of its policy on digital assets. The current focus is on creating controlled digital financial instruments for both domestic and international use.
It is worth noting that the first pilot project for e-CNY was launched in Hong Kong in May 2024, marking the beginning of the large-scale implementation of the digital yuan in international transactions.