Shanghai center aims to advance digital yuan in cross-border trade as global partners seek alternatives to the US dollar.
Photo: Dominic Kurniawan Suryaputra
Key Takeaways
- China launched a digital yuan hub in Shanghai to promote international trade and cross-border payments using its central bank digital currency.
- The goal is to support trade, investment, and innovation in digital finance while linking China’s financial system with overseas markets.
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China today opened a digital yuan hub in Shanghai designed to accelerate the central bank digital currency’s adoption for international trade and cross-border payments.
The People’s Bank of China established the Shanghai-based operations center to expand the digital yuan’s global reach beyond domestic transactions.
BRICS nations are increasingly using the Chinese yuan for trade settlements, with payments in the yuan rising to around 24% of their trade transactions in early 2025.
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