China Launches Shanghai Hub to Advance Digital Yuan and Cross-Border Blockchain Services
China has launched a new digital yuan operations center in Shanghai focused on expanding cross-border payments, blockchain services, and digital asset platforms, according to an announcement from the People’s Bank of China (PBOC).
The news, reported by state-run Xinhua News Agency on Thursday, marks a significant step in the ongoing development of China’s central bank digital currency (CBDC), known as the digital yuan or e-CNY.
The new center is designed to promote the yuan’s role in the global financial system and support its international use. It will oversee a series of platforms focused on:
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Cross-border payments
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Blockchain-based services
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Digital asset infrastructure
Part of China’s Push for Monetary Globalization
The Shanghai launch is part of a broader strategy outlined by PBOC Governor Pan Gongsheng, who unveiled eight key initiatives in June to support what he described as a “multipolar” global monetary system, where multiple currencies—not just the U.S. dollar—play a role in supporting the world economy.
Pan emphasized that the new hub is central to China’s goal of internationalizing the yuan, giving it a stronger role in global finance and trade.
Experts Call It a Strategic Move
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, called the launch “an important step” toward strengthening China’s influence in the global financial system. He described it as a “Chinese solution” to modernizing cross-border payment infrastructure.
Growing Momentum for Yuan-Backed Stablecoins
The launch comes amid broader signs that China is rethinking its approach to digital assets. While trading and mining of cryptocurrencies remain banned on the mainland since 2021, authorities have recently shown growing interest in yuan-backed stablecoins.
In August 2025, Reuters reported that Chinese officials were considering approving stablecoins tied to the yuan as part of a strategy to reduce reliance on the U.S. dollar and expand the yuan’s global use.
The move followed a strategic meeting in July led by the State-owned Assets Supervision and Administration Commission (SASAC), where digital currencies and stablecoin policy were discussed.
Adding momentum, Hong Kong-based fintech firm AnchorX last week launched the first stablecoin tied to the offshore Chinese yuan (CNH). The token is aimed at facilitating cross-border transactions, particularly among countries participating in China’s Belt and Road Initiative.
Bottom line
With the Shanghai digital yuan hub now operational and growing interest in stablecoin development, China is accelerating its efforts to build a more globally integrated digital currency infrastructure—one that could reshape the future of cross-border finance.
Featured image from: cointelegraph.com