Expanding global role for the digital yuan
The new facility is designed to accelerate the digital yuan’s integration into the global financial system. Officials unveiled three key platforms at the launch—one for cross-border payments, one for blockchain services, and another for digital assets.
The project forms part of eight measures outlined by PBOC Governor Pan Gongsheng in June, aimed at strengthening the yuan’s international role. Pan positioned the effort as part of a “multipolar” vision for global finance, in which multiple currencies share influence in powering the world economy.
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, described the launch as a “critical step” that could enhance China’s financial clout while offering a “Chinese solution” for improving global payment infrastructure.
Stablecoin push to reduce dollar reliance
Alongside the digital yuan rollout, Beijing is exploring yuan-backed stablecoins to expand the currency’s international footprint and reduce dependence on the U.S. dollar.
Despite banning cryptocurrency trading and mining in 2021, Chinese policymakers have recently shifted their stance. In August 2025, Reuters reported that regulators were considering approving yuan-linked stablecoins to support global adoption.
That move followed a July meeting in Shanghai, led by the State-owned Assets Supervision and Administration Commission (SASAC), during which stablecoins and digital currencies were discussed. State media outlet Securities Times also called for China to accelerate stablecoin development in June.
First yuan-backed stablecoin debuts in Hong Kong
Last week, Hong Kong-based fintech firm AnchorX introduced the first stablecoin tied to the offshore Chinese yuan (CNH). Targeted at foreign exchange markets, the token is designed to facilitate cross-border payments, particularly among Belt and Road Initiative (BRI) partner nations spanning Asia, the Middle East, and Europe.
Disclaimer: The story “China Opens Digital Yuan Operations Hub in Shanghai to Drive Global Use” first appeared on DeFi Planet and is syndicated via Digpu & NewsTex.