China opens digital RMB centre in Shanghai
The People’s Bank of China has opened a digital RMB hub in Shanghai to expand global use and strengthen financial market services.
China has launched its international operation centre for the digital RMB in Shanghai, a move seen as a significant step towards the currency’s global expansion, according to the People’s Bank of China (PBOC).
The centre will promote digital RMB internationalisation, support digital finance innovation, and enhance financial market services. It forms part of eight measures announced earlier this year by PBOC governor Pan Gongsheng at the Lujiazui Forum.
Three major platforms have been unveiled alongside the launch: a digital payment system for international use, a blockchain service platform, and a digital asset platform.
These platforms aim to broaden the application of digital technologies in finance and improve transaction efficiency.
Experts, including Tian Xuan of Tsinghua University, describe the initiative as a milestone for China’s role in global finance, strengthening its influence in shaping the future of digital payments.
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