In the context of the global wave of digital currencies, the development of China's digital renminbi (e-CNY) is taking a crucial step forward. On September 25, 2025, the highly anticipated Digital Renminbi International Operation Center officially commenced operations in Shanghai, simultaneously launching three major business platforms: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform. This strategic initiative, established and managed by the Digital Currency Research Institute of the People's Bank of China, aims to build and operate the cross-border and blockchain infrastructure for the digital renminbi, pressing the "accelerator" for its internationalization. The digital renminbi vessel, "setting sail" from Shanghai, is attempting to navigate into the deep waters of global finance, with its course not only concerning the future of renminbi internationalization but also potentially opening a new route on the existing global cross-border payment map.
- Digital Renminbi International Operation Center: What are the goals of the one center and three major platforms?
The official operation of the Digital Renminbi International Operation Center in Shanghai marks a key phase in the development of China's digital currency, transitioning from domestic pilot programs to a global layout. The center, established and managed by the Digital Currency Research Institute of the People's Bank of China, will be responsible for building and operating the cross-border and blockchain infrastructure for the digital renminbi.
Cross-border digital payment platform: This platform is dedicated to addressing the pain points in traditional cross-border payments and has completed integration with the Hong Kong Fast Payment System. It is expected to leverage the technological advantages of the digital renminbi to achieve "one-point access, global reach," helping banks provide customers with more efficient and cost-effective cross-border fund settlement services.
Digital renminbi blockchain service platform: This platform offers standardized cross-chain transaction information transfer and on-chain digital renminbi payment services for various industries. This means that the digital renminbi will serve as a foundational payment and settlement tool, empowering a broader blockchain application ecosystem, such as automating the execution of goods delivery and payment in supply chain finance.
Digital asset platform: This is the first attempt to build a digital asset platform that meets financial infrastructure standards and settles in digital renminbi, supporting the on-chain issuance, registration, and trading of assets like bonds and bills using blockchain technology. This opens up possibilities for the tokenization of real-world assets (RWA) and aims to explore innovations in asset digitization that enhance regulatory efficiency and transparency, as well as the intelligence of value circulation.
The functions of these three platforms are not isolated but rather synergistic, collectively forming a complete "digital financial infrastructure." From the underlying payment and settlement to the mid-level blockchain technology services and the upper-level digital asset applications, the blueprint outlined by the Digital Renminbi International Operation Center goes far beyond becoming a new type of "electronic cash."
- Solving cross-border payment challenges: Lossless, compliant, and interoperable
The traditional cross-border payment system has long faced issues of low efficiency, high costs, and low transparency. The digital renminbi, with its technological advantages, is changing this situation.
The three principles of "lossless, compliant, and interoperable": Lu Lei, Deputy Governor of the People's Bank of China, stated at the promotion meeting that the "lossless, compliant, and interoperable" principles proposed by the People's Bank of China have become the basic guidelines for building cross-border infrastructure for legal digital currencies.
Peer-to-peer payment characteristics: The peer-to-peer payment feature of the digital renminbi is expected to bypass some intermediary steps, achieving "payment equals settlement," thereby significantly reducing transaction costs and improving settlement efficiency.
Addressing geopolitical challenges: In the current context of frequent geopolitical conflicts, the escalation of financial sanctions as a tool of competition makes the construction of an independent, efficient, and secure payment system particularly urgent. The cross-border application of the digital renminbi will help China accelerate the resilience building of the renminbi cross-border payment system (CIPS) and the digital renminbi's cross-border applications.
- Expanding digital renminbi applications: From people's livelihoods to internationalization
Since its pilot launch, the application scenarios of the digital renminbi have been continuously expanding. By the end of April 2025, the cumulative transaction amount of the digital renminbi in various pilot regions reached 10.8 trillion yuan, with 2.92 billion transactions and 210 million personal wallets opened through the digital renminbi app.
People's livelihood sector: From Spring Festival consumption red envelopes to daily transportation, from supply chain finance to cross-border trade settlement, the digital renminbi is deeply penetrating various fields of people's livelihoods. This year, cities like Beijing and Shenzhen have successively launched digital renminbi red envelope distribution activities to promote consumption, further driving the popularity of the digital renminbi.
Internationalization progress: On September 11, the People's Bank of China and Bank Indonesia jointly launched a bilateral local currency settlement (LCT) framework and a QR code interoperability cooperation project, which is expected to be fully operational by 2025. Additionally, the recent draft regulations on promoting and standardizing the application of electronic documents released by the Cyberspace Administration of China clearly state that "financial institutions are encouraged to explore the use of new payment methods such as digital renminbi for cross-border payments, provided they comply with laws and regulations and manage risks."
- Supporting the construction of Shanghai as an international financial center and consolidating monetary sovereignty
The establishment of the Digital Renminbi International Operation Center in Shanghai will inject strong momentum into the construction of Shanghai as an international financial center. Wu Wei, a member of the Standing Committee of the Shanghai Municipal Party Committee and Executive Vice Mayor, stated that relevant departments in Shanghai will fully rely on the business platform to continuously expand the application scenarios of the digital renminbi.
Tian Xuan, Director of the National Financial Research Institute at Tsinghua University, believes that the strategic value of the Digital Renminbi International Operation Center goes far beyond technological breakthroughs and institutional innovations. Its deeper significance lies in promoting the evolution of the international monetary system towards diversification by building a digital currency ecosystem of "multilateral cooperation and win-win outcomes."
As the wave of private digital currencies sweeps the globe, sparking intense debates about efficiency, innovation, and risk, the establishment of the Digital Renminbi International Operation Center reaffirms a fundamental proposition to the market with a steady posture: the foundation of future digital financial infrastructure must be, and can only be, legally defined digital currency. This is not to exclude market innovation but aims to clarify boundaries—stability, security, and national credit are the ultimate "anchors" of any financial activity. Without this "anchor," even the most sophisticated financial innovations may become like water without a source. This marks the beginning of a top-down upgrade of financial infrastructure, with the core focus on ensuring that in the wave of the digital economy, monetary sovereignty is not only preserved but can be unprecedentedly consolidated and extended.
Conclusion:
With the official operation of the Digital Renminbi International Operation Center, China's development in the field of digital currency has transitioned from domestic pilot programs to a key phase of global layout. In the future, the center will promote cooperation with various participating institutions, helping to create a secure, efficient, and inclusive cross-border payment and digital payment ecosystem, better serving the high-quality development of the digital economy and high-level opening up. This digital renminbi vessel, "setting sail" from Shanghai, is carrying the three major platforms of cross-border payment, blockchain services, and digital assets, attempting to navigate into the deep waters of global finance, opening a new route for the internationalization of the renminbi.
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Original article: “Digital Renminbi International Operation Center sets sail in Shanghai, accelerating the internationalization of the renminbi”
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