The international operational center for the digital yuan (e-CNY) has officially begun operations in Shanghai, aimed at promoting the globalization of the Chinese currency and the development of digital financial services.
This is reported by Finway
Significance of the Center’s Opening for the Financial System
The internationalization of the yuan has become a key task for the People’s Bank of China. The launch of the digital yuan center took place as part of eight new initiatives announced by PBOC Governor Pan Gongsheng during the Lujiazui forum in June. According to the bank’s governor, the newly established structure aims to “promote the internationalization of digital currency and the development of financial market services while supporting innovations in digital finance.”
Alongside the opening of the center, three important platforms were introduced: a cross-border digital payment system, a blockchain platform, and a digital financial marketplace. The implementation of these technologies allows China to strengthen its position in the global financial infrastructure.
“This contributes to enhancing 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.”
Development of Digital Assets and Stablecoin Experiments
The launch of the center occurs against the backdrop of intensified efforts by the official Beijing to expand the international use of the yuan and reduce dependence on the dollar. In August 2025, it became known that Chinese authorities are considering allowing the circulation of stablecoins backed by the yuan. Such initiatives are being discussed at the highest government levels.
China has already begun testing stablecoins in Hong Kong, aiming to minimize the impact of the US dollar and prevent capital outflows. Last week, the Hong Kong fintech company AnchorX launched the first stablecoin pegged to the international version of the yuan (CNH). This token is aimed at currency markets and seeks to facilitate cross-border settlements among countries participating in China’s Belt and Road Initiative.
Despite the ban on trading and mining cryptocurrencies in mainland China since 2021, recent actions indicate a new approach to digital finance — the controlled use of digital tools involving the public sector.
The pilot project for e-CNY started in Hong Kong in May 2024, marking an important milestone on the path to the full-scale implementation of the digital yuan and expanding its role in the global economy.