China’s central bank has launched a new operations center for the digital yuan in Shanghai. This center will manage platforms for cross-border payments, blockchain services, and digital assets as part of the digital yuan’s development.
State-run Xinhua News Agency reported the news on Thursday, referencing a statement from the People’s Bank of China.
Xinhua noted that the center is aimed at enhancing the digital yuan’s role in global finance. With this launch, officials introduced a cross-border payments platform, a blockchain service platform, and a digital asset platform.
The hub is one of eight initiatives outlined by People’s Bank of China (PBOC) Governor Pan Gongsheng during an event in June. Pan stated that the center is designed to further the yuan’s internationalization.
He described this initiative within a “multipolar” monetary vision that promotes various currencies to sustain the global economy.
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, described the launch as “an important step” that could enhance China’s role in the international financial landscape and provide a “Chinese solution” for upgrading cross-border payment systems.
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China aims to reduce reliance on the US dollar
China is also exploring stablecoins to augment the yuan’s global presence and minimize its reliance on the dollar.
Even though mainland China prohibited trading and mining cryptocurrencies in 2021, recent trends indicate a policy shift.
In August 2025, Reuters reported that Chinese authorities are contemplating authorizing yuan-backed stablecoins to enhance global currency usage.
This announcement followed a strategic meeting held in Shanghai in July by the State-owned Assets Supervision and Administration Commission (SASAC), where discussions on stablecoins and digital currencies took place. Additionally, a state media publication, Securities Times, released an article on June 23 advocating for the timely development of stablecoins.
AnchorX, a fintech company based in Hong Kong, introduced the first stablecoin linked to the international version of the Chinese yuan (CNH) last week, aimed at the foreign exchange markets.
This token is designed to facilitate cross-border payments among countries participating in China’s Belt and Road initiative, an infrastructure project intended to connect China with the Middle East and Europe.
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