China has officially opened its International Digital Yuan Operations Center (e-CNY) in Shanghai, marking a major step in the country’s efforts to internationalize its currency and modernize financial services. The People’s Bank of China (PBOC) announced that the new center will facilitate global adoption of the digital yuan while promoting innovation in digital finance.
The launch is part of a broader strategy introduced by PBOC Governor Pan Gongsheng during the Lujiazui Forum in June, which includes eight new initiatives aimed at strengthening China’s influence in global finance. The operations center will serve as a hub for three key platforms: a cross-border digital payment system, a blockchain infrastructure platform, and a digital financial marketplace.
Experts highlight the global significance of this development. Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, emphasized that the initiative “enhances China’s role in the international financial system and provides an open, inclusive, and innovative solution for improving cross-border payments worldwide.”
The launch comes amid China’s ongoing efforts to reduce dependence on the US dollar and expand international use of the yuan. In a related move, Hong Kong-based fintech company AnchorX introduced the first yuan-backed stablecoin (CNH) designed for international markets. This token is intended to streamline cross-border settlements, particularly among countries participating in China’s Belt and Road Initiative.
Although cryptocurrency trading and mining remain banned in mainland China, these steps indicate a gradual shift toward controlled, regulated digital finance solutions. Earlier pilot programs, including a trial of the e-CNY in Hong Kong in May 2024, laid the groundwork for the center’s official launch in Shanghai.
As digital currencies and blockchain-based financial tools continue to evolve, China’s international operations center represents a key milestone in the global push toward central bank digital currencies (CBDCs) and regulated cross-border financial innovation.
