China announced plans to establish an international operation center for its digital yuan. This move aims to boost the global influence of the yuan currency.
The announcement was made at the Lujiazui Financial Forum in Shanghai by Pan Gongsheng, Governor of the People's Bank of China (PBOC).
Pan stated that the center will facilitate the international use of the digital yuan. He also highlighted the need to reduce reliance on a single currency. He emphasized the growing demand for improved international payment systems.
China began initial work on the official digital currency, known as "e-CNY," in 2014. A pilot program was launched in 2020 in four cities. The PBOC expanded the pilot program in 2022, releasing a mobile app for digital yuan wallets.
The mobile app is available in 12 cities and regions, including Shanghai and Beijing.