China has set up a new facility in Shanghai to help develop and manage its digital currency, the digital yuan.
This new center, backed by the People’s Bank of China (PBOC), will focus on cross-border payments, blockchain systems, and digital asset management.
The announcement came through Xinhua, a government-run media outlet, which reported that the center aims to expand the digital yuan’s role in the global economy.
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As part of the launch, three new platforms were introduced: one for international transactions, another for blockchain-based services, and a third for handling digital assets.
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This decision follows a plan presented by PBOC Governor Pan Gongsheng. In June, he outlined eight key areas for progress, including this Shanghai project. He also spoke about the need for a financial system where no single currency dominates.
Tian Xuan, a leading finance researcher from Tsinghua University, described the launch as a meaningful step. He noted that it could help China contribute more to international financial networks and offer practical improvements for moving money across borders.
At the same time, China is exploring the potential of stablecoins backed by its own currency. These digital tokens could help promote the use of the yuan globally while offering an alternative to the US dollar in certain areas.
Recently, nine European banks, including ING and UniCredit, collaborated to launch a euro digital currency under MiCA oversight. How? Read the full story.
