China has opened a Digital Euan Operations Centre in Shanghai and is promoting the central bank’s digital currency strategy. The hub manages cross-border payment networks, blockchain services and digital asset platforms.
The initiative reflects Beijing’s plan to internationalize the Yuan and diversify the global financial system. Furthermore, it aims to actively reduce dependence on the US dollar in international trade.
Shanghai Hub strengthens its digital yuan strategy
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The People’s Bank of China (PBOC) established a new Digital Euan Operations Centre in Shanghai, overseeing cross-border payments, blockchain services and digital asset platforms. State media reports that the Centre aims to boost the global presence of currency.
Additionally, Governor Pan Gong-Sheng outlined the project at the forum in June, highlighting its role in moving the digital utilities globally. He framed the initiative within a multipolar financial vision where several currencies share an impact on global trade. The hub modernizes the payment process by integrating the blockchain with cross-border payment networks and places the digital source as a viable international alternative.
Reduce dependence on the US dollar
Chinese officials are actively pursuing ways to reduce their dependence on the US dollar. China banned cryptocurrency trading and mining in 2021, but policymakers have recently shown a more flexible approach to digital finance. As a result, new initiatives are currently under consideration.
In August 2025, authorities reportedly considered allowing yuan support stubcoin to increase international use of the currency. A month ago, the National Asset Supervision and Management Committee (SASAC) considered Stablecoins as a tool to improve cross-border payment systems.
Meanwhile, state media has urged faster development of stubcoin to enhance its original international use. The call emphasizes its focus on digital currency innovation.
Hong Kong fintech company Anchorx recently launched its first Stablecoin linked to Offshore Euan (CNH). The token targets cross-border transactions in countries involved in China’s belt and road initiatives. It promotes trade between Asia, the Middle East and Europe.
