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An international operations center for the digital yuan has commenced operations in Shanghai, established by China’s central bank to advance the national digital currency on a global level.
The People’s Bank of China (PBOC) has officially inaugurated a center dedicated to processing international transactions with the digital yuan (e-CNY) in Shanghai. This new facility aims to expedite the internationalization of the national digital currency, enhance the development of contemporary financial services, and promote innovation in digital finance, as reported by state news agency Xinhua.
The center was established as part of eight new initiatives introduced by PBOC Governor Pan Gongsheng during the Lujiazui Forum in June 2025. Alongside its launch, three essential infrastructure solutions were unveiled, including a cross-border digital payments system, a blockchain platform, and a digital asset service.
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Tian Xuan, President of the National Institute of Financial Research at Tsinghua University, stated that the establishment of the center represents a significant advancement in the evolution of the digital yuan. He emphasized that the initiative bolsters China’s role in the global financial landscape and provides an open, inclusive, and innovative approach to enhancing the global cross-border settlement framework.
Consequently, Shanghai is emerging as a pivotal center not only for the domestic application of the digital yuan but also for its integration into international financial operations, which could greatly amplify China’s impact in global markets.
In 2024, a research institute in Shanghai initiated an infrastructure project for cross-border collaboration utilizing the Conflux Network blockchain. Subsequently, in September 2025, to support cross-border settlements among businesses and nations under China’s Belt and Road Initiative, the first stablecoin AxCNH was launched on the Conflux Network, linked to the offshore yuan.
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