US EditionChina Inaugurates Digital Yuan Operation Centre to Push CBDC Integration: Report
The center launched three platforms to enhance cross-border digital finance and aims to reduce reliance on the US dollar, advancing the digital yuan's global use, officials said.
- In Shanghai on Thursday, the People's Bank of China inaugurated the Digital RMB International Operations Center, unveiling three platforms for cross-border payments, blockchain services and digital assets.
- Earlier this year, PBOC Governor Pan Gongsheng outlined eight measures to boost yuan internationalization, with the hub following June state media calls and a July SASAC strategic meeting on digital currencies.
- The Digital Currency Institute of the PBOC will manage the centre to develop cross-border and blockchain infrastructure for e-CNY, with Lu Lei, PBOC deputy governor, saying it will facilitate cross-border payments and strengthen Shanghai's role as a financial hub.
- By embedding the digital yuan into global infrastructure, Chinese officials said the hub aims to advance the yuan's internationalisation and reduce reliance on the U.S. dollar in cross-border payments.
- The stablecoin moves dovetail with the PBOC's broader internationalisation push as AnchorX last week launched the first CNH-tied stablecoin despite mainland China's 2021 ban on crypto trading and mining.
14 Articles
14 Articles
China Opens Digital Yuan Hub in Shanghai to Boost Global Use
China’s central bank has opened a digital yuan operations center in Shanghai featuring platforms for cross-border payments, blockchain technology and digital assets, marking another step in the country’s push for global adoption of its currency.
China Launches e-CNY International Operations Center in Shanghai · TechNode
The People’s Bank of China said the e-CNY International Operations Center has officially started operations in Shanghai, introducing three business platforms: a cross-border payment platform, a blockchain service platform for standardized on-chain transactions, and a digital assets platform offering financial-grade services. The initiatives aim to tackle inefficiencies in cross-border payments, enable on-chain e-CNY settlement for blockchain app…
Key points of the news: China launched in Shanghai an international hub for digital yuan, with which it seeks to integrate its CBDC into cross-border payments. The PBOC launched three platforms: one for international payments with e-CNY, another blockchain for cross-chain transactions and one for digital assets for financial infrastructure. The digital yuan now aims at global adoption in partnership with banks in Hong Kong, Thailand, the United …
The People's Bank of China (PBOC) has just inaugurated in Shanghai an international center dedicated to digital yuan. A strong signal: Beijing wants to impose its e-CNY as the backbone of a new global monetary order. Can this initiative really defy the hegemony of the dollar and compete with the stablecoins dominated by the green note? The Digital Yuan article: China accelerates its international deployment has appeared first on Cointribune.
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