At the Lujiazui Forum in Shanghai, Pan Gongsheng, governor of the PBoC, outlined that this effort aligns with the broader goal of pushing the digital yuan, also referred to as the e-CNY, onto the world stage.
Pan emphasized that long-standing issues within traditional cross-border payment networks have become glaringly obvious, underscoring the urgent need for a more diverse and modern global financial system.
“There is a growing need to reduce dependence on a single currency,” Pan stated, carefully avoiding direct mention of the US dollar.
He also voiced criticism toward the governance frameworks of major global financial bodies such as the International Monetary Fund and the World Bank, pointing out that voting rights and share distributions have failed to reflect the current global economic landscape.
“A regulatory adjustment is necessary for emerging markets and developing countries to take their rightful place in the global economy,” he affirmed.
Progress in Digital Yuan Development
China’s journey with the digital yuan began in 2014, culminating in its launch in 2020 through a pilot program in four cities, which has progressively expanded since.
In 2022, the PBoC introduced a mobile application serving as a digital wallet for the e-CNY, accessible via the App Store and Google Play, enabling users to conduct transactions seamlessly using the digital currency.
The pilot initiative now spans 12 cities and regions, including key hubs such as Shanghai, Shenzhen, Chengdu, Changsha, Suzhou, Xi’an, Qingdao, and Dalian. It also covers Hainan Province, the Xiongan New Area in Hebei Province, and selected venues in Beijing and Zhangjiakou linked to the Winter Olympics zone.
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