China pushes global use of digital yuan
Beijing wants to reshape global finance with a multipolar currency model, reducing dependence on the US dollar and euro.
China has reaffirmed its ambition to expand the use of its central bank digital currency, the digital yuan, beyond domestic borders. People’s Bank of China chief Pan Gongsheng said the country is committed to advancing the e-CNY to challenge US dollar dominance.
Speaking at the Lujiazui Forum, Pan confirmed the launch of an international operations centre for the digital yuan in Shanghai. He said China seeks a ‘multipolar’ global financial system, reducing reliance on a few major currencies such as the US dollar and the euro.
Pan also warned that traditional cross-border payment systems are increasingly exposed to geopolitical risk and can be weaponised through unilateral sanctions. China believes that digital currencies like the e-CNY offer a more stable and neutral alternative in such a landscape.
Despite the growing popularity of stablecoins for cross-border transactions, China remains focused on building a state-controlled digital currency.
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