Author: Martin
Breaking news, the International Operation Center for Digital Renminbi has officially settled in Shanghai and commenced operations, marking a key step in the development of China's digital currency.
On September 25, the business platform promotion conference for the International Operation Center for Digital Renminbi was held in Shanghai, signifying the official launch of this highly anticipated international operation center. The center is established and managed by the Digital Currency Research Institute of the People's Bank of China and will be responsible for building and operating the cross-border and blockchain infrastructure for digital renminbi.
In June of this year, Pan Gongsheng, Governor of the People's Bank of China, announced at the 2025 Lujiazui Forum that a digital renminbi international operation center would be established in Shanghai. After several months of preparation, this strategic initiative has finally come to fruition, pressing the "accelerate" button for the internationalization of digital renminbi.
Three Major Platforms Launched Simultaneously
With the official operation of the International Operation Center for Digital Renminbi, three major business platforms have been launched: the Cross-Border Digital Payment Platform for Digital Renminbi, the Blockchain Service Platform for Digital Renminbi, and the Digital Asset Platform.
The Cross-Border Digital Payment Platform aims to address the pain points in traditional cross-border payments and has completed integration with the Hong Kong Fast Payment System. The Blockchain Service Platform provides standardized cross-chain transaction information transfer and on-chain digital renminbi payment services for various industries.
The Digital Asset Platform 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 such as bonds and bills using blockchain technology.
Solving Cross-Border Payment Challenges
The traditional cross-border payment system has long faced issues of low efficiency, high costs, and low transparency. Digital renminbi, with its technological advantages, is changing this situation.
Lu Lei, Deputy Governor of the People's Bank of China, stated at the promotion conference that the three principles of "no loss, compliance, and interoperability" proposed by the People's Bank of China have become the basic guidelines for building cross-border infrastructure for legal digital currencies.
Practical cases introduced by Bank of Communications show that this platform can achieve "one-point access, global reach," helping banks provide customers with more efficient and cost-effective cross-border fund settlement services.
Continuous Expansion of Digital Renminbi Applications
Since its pilot launch, the application scenarios for digital renminbi have been continuously expanding. As of the end of April 2025, the cumulative transaction amount of digital renminbi in all pilot areas reached 10.8 trillion yuan, with 2.92 billion transactions and 210 million personal wallets opened through the digital renminbi app.
From Spring Festival consumption red envelopes to daily transportation, from supply chain finance to cross-border trade settlement, digital renminbi is deeply penetrating various fields of people's livelihoods. Since the beginning of this year, cities like Beijing and Shenzhen have successively launched digital renminbi red envelope distribution activities to promote consumption, further driving the popularity of digital renminbi.
Supporting the Construction of Shanghai as an International Financial Center
The establishment of the International Operation Center for Digital Renminbi 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 digital renminbi.
Tian Xuan, Dean of the National Institute of Financial Research at Tsinghua University, believes that the strategic value of the International Operation Center for Digital Renminbi 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 mutual benefits."
With the official operation of the International Operation Center for Digital Renminbi, China's development in the field of digital currency has transitioned from domestic pilots to a critical stage of global layout. In the future, the center will promote cooperation with various participating institutions, helping to create a safe, efficient, and inclusive ecosystem for cross-border payments and digital payments, better serving the high-quality development of the digital economy and high-level opening up.
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