An international operations center for the digital yuan began work in Shanghai, established by China’s central bank to promote the national digital currency on the global stage.
The People’s Bank of China (PBOC) officially launched a center for processing international transactions with the digital yuan (e-CNY) in Shanghai. The new structure is designed to accelerate the internationalization of the national digital currency, foster the development of modern financial services, and support innovation in digital finance, according to state news agency Xinhua.
The center was created as part of eight new initiatives presented by PBOC Governor Pan Gongsheng at the Lujiazui Forum in June 2025. Along with its opening, three key infrastructure solutions were introduced, including a cross-border digital payments system, a blockchain platform, and a digital asset service.
According to Tian Xuan, President of the National Institute of Financial Research at Tsinghua University, the launch of the center is an important step in the development of the digital yuan. He noted that the project strengthens China’s position in the global financial system and offers an open, inclusive, and innovative solution for improving the global cross-border settlement system.
Thus, Shanghai is becoming a key hub not only for the domestic use of the digital yuan but also for its integration into international financial processes, which could significantly enhance China’s influence in global markets.
In 2024, a research institute in Shanghai launched an infrastructure project for cross-border cooperation based on the Conflux Network blockchain. Later, in September 2025, to facilitate cross-border settlements between companies and countries under China’s Belt and Road Initiative, the first stablecoin AxCNH was issued on the Conflux Network, pegged to the offshore yuan.
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