The People's Bank of China (PBOC) has launched a new digital yuan operations center in Shanghai, marking a significant step in China's strategy to enhance the currency's international role. Governor Pan Gongsheng emphasized the center's focus on managing cross-border payment networks, blockchain services, and digital asset platforms, aligning with plans discussed as early as June 2025.
The initiative aims to reduce reliance on the U.S. dollar in global trade and promote a multipolar monetary system. State media reports confirm the center began operations on September 25, 2025, introducing platforms for cross-border payments, blockchain integration, and digital asset management. This move follows China's broader push for yuan internationalization, including exploration of yuan-backed stablecoins by authorities in August 2025, such as AnchorX's CNH-linked stablecoin for Belt and Road Initiative transactions.