365Crypto
China Opens New Hub
China’s central bank has set up a digital yuan operations center in Shanghai. It will handle cross-border payments, blockchain services, and digital asset platforms.
Boosting Global Role
Officials say the hub is meant to expand the yuan’s role in global finance. The launch included platforms for payments, blockchain, and digital assets. Governor Pan Gongsheng called it part of a “multipolar” currency system, where many currencies share influence.
Expert View
Tian Xuan of Tsinghua University called the launch a big step. He said it could boost China’s influence in global finance and provide a “Chinese solution” for modern payment systems.
Dollar Dependence Questioned
China is also exploring yuan-backed stablecoins. It hopes to reduce reliance on the US dollar. AnchorX, a fintech firm in Hong Kong, recently launched the first stablecoin tied to the offshore yuan, aimed at Belt and Road cross-border trade.
