China has opened the Shanghai Digital Yuan Hub for cross-border, blockchain services
China’s Central Bank opened a new operation center for the digital yuan in Shanghai. The center will guard the platforms for cross-border payments, blockchain services and digital assets as part of the continued development of the digital yuan.
The State-Run Xinhua News Agency reported the News On Thursday, a statement from the People’s Bank of China was mentioned.
According to Xinhua, the center is designed to promote the role of digital yuan in global finances. During the launch, officials opened a cross-border payment platform, a blockchain service platform and a digital asset platform.
Hub is one of the eight steps outlined by People’s Bank of China (PBOC) Governor Pan Gongsheng In an event in June. According to Pan, the center aims to advance Yuan internationalization.
At this time, he threw the push into a “multipolar” financial outlook where a lot of money supports the global economy.
https://www.youtube.com/watch?v=ry9MI57PBJS
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, called the launch “an important step” that could boost China’s influence on the international financial system and offers a “Chinese solution” for improving cross-border payment infrastructure infrastructure.
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China also pursues Stablecoins to increase the international reach of the yuan and reduce it Reliance.
Although Mainland China banned Trading and mining cryptocurrencies in 2021It has recently begun to reverse the course.
In August 2025, Reuters reported that the Chinese authorities are considering —the consent of Yuan-back stablecoins To promote its use of money worldwide.
The news follows a Strategic Meeting in Shanghai In July of the State-owned Supervision and Administration Commission (SASAC) of the State, where Stablecoins and Digital Currency discussed, and AN article From the state-run media company that Securities Times published on June 23 called for the development of Stablecoin “earlier than the latter.”
Anchorx, a Hong Kong -based Fintech company, launched last week the first stablecoin tied to International version of Chinese Yuan (CNH), intended for foreign exchange markets.
The token aims to facilitate cross-border payments between countries involved in China’s Belt and Road initiative, an infrastructure project to build roads from China to the Middle East and Europe.
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