China’s central bank has launched a new operations center in Shanghai to oversee the development of the digital yuan. The initiative is part of the ongoing push to integrate the digital yuan into global finance. This move is aimed at enhancing the yuan’s international reach and establishing its role in cross-border payments, blockchain services, and digital asset management.
New Platforms for Cross-Border Payments and Blockchain Services
The new center, according to reports from Xinhua News Agency, will focus on advancing the digital yuan’s use in global finance. It unveiled several new platforms, including a cross-border payments platform, a blockchain service platform, and a digital asset platform. These platforms are designed to strengthen the yuan’s presence in international markets, particularly in cross-border transactions. The launch aligns with earlier plans discussed by Pan Gongsheng, the governor of the People’s Bank of China (PBOC), who emphasized the importance of yuan internationalization during an event in June.
Strategic Push for Yuan’s Internationalization
This development is part of China’s broader strategy to promote the yuan as a global currency. The operations center is one of the eight measures laid out by Pan Gongsheng, highlighting the central bank’s vision to enhance the yuan’s role in global trade and finance. The new center in Shanghai serves as a key facility to support this initiative, aiming to expand the digital yuan’s role beyond domestic markets.
Meanwhile, the focus on blockchain and digital assets underscores China’s interest in utilizing these technologies to boost the yuan’s global competitiveness. The platforms being launched are integral to this vision, offering services that could streamline cross-border transactions and foster greater adoption of digital currencies in international trade.
Stablecoin Adoption to Strengthen Yuan’s Global Position
In addition to the digital yuan, China has been exploring stablecoins to expand the yuan’s international footprint. In August 2025, reports emerged that Chinese authorities were considering the authorization of yuan-backed stablecoins. This move would be another step toward increasing the yuan’s global influence and reducing its dependency on the U.S. dollar.
Notably, China’s approach to cryptocurrencies has shifted since the country banned cryptocurrency trading and mining in 2021. However, the recent changes indicate a more open stance toward digital assets, reflecting the government’s interest in using them as a tool for economic influence. This shift includes efforts to create yuan-backed stablecoins to support global transactions and further drive the adoption of the yuan as an international currency.
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