Overview

• The People’s Bank of China opened an international operations center in Shanghai on September 25 to support overseas use of the digital yuan.
• The hub features three platforms: cross-border digital payments, a blockchain service enabling on-chain payments and standardized cross-chain information transfers, and a digital asset platform to bring financial infrastructure onto blockchain.
• PBOC deputy governor Lu Lei said the effort seeks to improve global cross-border payments with open and inclusive solutions.
• The rollout follows governor Pan Gongsheng’s June pledge to advance yuan internationalization through a set of measures announced at the Lujiazui Forum.
• Authorities have considered authorizing yuan-backed stablecoins, while Hong Kong’s AnchorX has launched a CNH-linked token targeting Belt and Road transactions.