China Launches Digital Yuan International Hub to Spur Cross-Border Use

China Launches Digital Yuan International Hub to Spur Cross-Border Use

China Launches Digital Yuan International Hub to Spur Cross-Border Use - Shanghai center unveils three platforms for payments, blockchain services and digital assets

China launches digital yuan hub in Shanghai

China has taken another step in advancing its state-backed digital currency by launching a digital yuan operations hub in Shanghai. The new centre will focus on cross-border payments, blockchain services, and digital asset platforms as part of the country’s wider ambitions to internationalise the yuan and reduce reliance on the US dollar, claims Coin Market Cap. The facility, unveiled by the People’s Bank of China (PBOC), will serve as a strateg…

China launches digital yuan operations centre as global ambitions intensify

China has inaugurated a digital yuan (e‑CNY) operations centre in Shanghai, a move aimed at accelerating the integration of its central bank digital currency (CBDC) into cross‑border and domestic payment networks, according to reports. Image via Pexels Officials say the new centre is intended to improve settlement efficiency and serve as a keystone for broader e‑CNY adoption. The People’s Bank of China (PBOC) Deputy Governor, Lu Lei, described t…