PBoC Opens International Digital Yuan Operations Centre in Shanghai
China ramps up efforts to promote global use of its Central Bank Digital Currency with the launch of key new platforms
The People's Bank of China (PBoC) has officially inaugurated the International Digital Yuan Operations Centre in Shanghai, the nation's premier financial hub, according to Xinhua News Agency.
The move marks a significant escalation in Beijing's ambitions to promote the cross-border and international usage of its sovereign digital currency.
The initiative is a key component of a package of eight new measures for Shanghai announced in June by Pan Gongsheng, the PBoC Governor.
The newly established centre is specifically mandated to foster the digital yuan's internationalisation and develop financial services that will both support the growth of the financial market and stimulate digital finance innovation within the country.
Alongside the central operations centre, the PBoC has simultaneously launched three additional pivotal platforms: a Cross-border Digital Payment Platform, a Blockchain Service Platform, and a Digital Asset Platform.
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, hailed the opening as a crucial step in the digital yuan's development.
He stated the centre is expected to significantly enhance China's influence within the global financial system, offering the country open, inclusive, and innovative solutions for improving international cross-border payment infrastructure.
