Quick Breakdown
- China’s central bank opened a digital yuan operations centre in Shanghai, focused on cross-border payments and blockchain services.
- The move aligns with China’s push to internationalize the yuan and reduce reliance on the U.S. dollar.
- Hong Kong’s AnchorX recently launched the first yuan-backed stablecoin for foreign exchange and BRI-related payments.
China has taken a new step in expanding the reach of its central bank digital currency (CBDC), the digital yuan, with the opening of a dedicated operations centre in Shanghai. The hub will oversee platforms for cross-border payments, blockchain-based services, and digital asset initiatives, state-run Xinhua News Agency reported Thursday, citing a statement from the People’s Bank of China (PBOC).
💥BREAKING:
CHINA OPENS DIGITAL YUAN HUB IN SHANGHAI TO BOOST CROSS-BORDER PAYMENTS AND GLOBAL TRADE ADOPTION. pic.twitter.com/kTtN81qSZM
— Charlie ward (@C_harlieWard) September 26, 2025
Expanding global role for the digital yuan
The new facility is designed to accelerate the digital yuan’s integration into the global financial system. Officials unveiled three key platforms at the launch—one for cross-border payments, one for blockchain services, and another for digital assets.
The project forms part of eight measures outlined by PBOC Governor Pan Gongsheng in June, aimed at strengthening the yuan’s international role. Pan positioned the effort as part of a “multipolar” vision for global finance, in which multiple currencies share influence in powering the world economy.
Tian Xuan, president of the National Institute of Financial Research at Tsinghua University, described the launch as a “critical step” that could enhance China’s financial clout while offering a “Chinese solution” for improving global payment infrastructure.
Stablecoin push to reduce dollar reliance
Alongside the digital yuan rollout, Beijing is exploring yuan-backed stablecoins to expand the currency’s international footprint and reduce dependence on the U.S. dollar.
Despite banning cryptocurrency trading and mining in 2021, Chinese policymakers have recently shifted their stance. In August 2025, Reuters reported that regulators were considering approving yuan-linked stablecoins to support global adoption.
That move followed a July meeting in Shanghai, led by the State-owned Assets Supervision and Administration Commission (SASAC), during which stablecoins and digital currencies were discussed. State media outlet Securities Times also called for China to accelerate stablecoin development in June.
First yuan-backed stablecoin debuts in Hong Kong
Last week, Hong Kong-based fintech firm AnchorX introduced the first stablecoin tied to the offshore Chinese yuan (CNH). Targeted at foreign exchange markets, the token is designed to facilitate cross-border payments, particularly among Belt and Road Initiative (BRI) partner nations spanning Asia, the Middle East, and Europe.
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