In the wave of accelerated digital transformation in the global financial system, China has taken another milestone step in its layout for sovereign digital currency (CBDC). On September 24, 2025, the People's Bank of China (PBOC) officially established the 'International Operation Center' for its digital renminbi (e-CNY) in Shanghai, an international financial center. This move is not only a key initiative for China to promote the international application of the digital renminbi from domestic trials but is also seen as a major strategic deployment in its quest for greater discourse power in the global payment system and a challenge to the existing landscape.
Behind this action lies a clear top-level design and coherent policy advancement. The newly established Shanghai Operating Center will undertake the important task of promoting the internationalization of the digital renminbi, developing financial market services, and supporting digital financial innovation. Its core business will revolve around three major platforms, signaling that China is attempting to build an efficient and controllable future financial infrastructure.
From Blueprint to Implementation
The establishment of the Shanghai International Operating Center is not a sudden idea but the inevitable result of a series of well-considered arrangements by the Chinese government. Looking back at the dynamics of the past few months, a clear policy trajectory emerges:
Policy Setting (June): At the '2025 Lujiazui Forum' in June, People's Bank of China Governor Pan Gongsheng first proposed eight measures to promote the development of the digital renminbi, which clearly included 'establishing an operating center for the digital renminbi in Shanghai.' He placed this move under the grand vision of building a 'multipolar' global monetary system, implying that the digital renminbi will play an important role in the global economy.
Public Opinion Precedes (Late June): Official media (Securities Times) subsequently published an article, rarely calling for China to 'quickly' develop a stablecoin pegged to the renminbi to pave the way for its application in cross-border payments and international trade.
High-Level Research (July-August): The State-owned Assets Supervision and Administration Commission of the State Council held a special meeting in Shanghai to deeply discuss the strategy of digital currency and stablecoin. Subsequently, foreign media (Reuters) disclosed that the Chinese government is actively considering authorizing the issuance of a renminbi-based stablecoin, with the core goal aimed at expanding the global circulation of the renminbi and reducing dependence on the US dollar system.
Official Implementation (September): With the official launch of the Shanghai International Operating Center, all previous policy signals and discussions converge into substantial actions.
This series of compact actions indicates that China is systematically accelerating the internationalization process of its digital currency across various levels, from policy declaration and public opinion guidance to concrete implementation. Tian Xuan, the director of the National Financial Research Institute at Tsinghua University, commented that the launch of this center is an important step in the development of the digital renminbi, providing an open, inclusive, and innovative 'Chinese solution' for improving the global cross-border payment system.
Focusing on Three Major Platforms
According to official disclosures, the newly established Shanghai Operating Center will simultaneously launch three core platforms, which together constitute the blueprint for China's new digital financial infrastructure.
Cross-Border Digital Payment Platform: This is the core function of the entire center. Its goal is to leverage the technological advantages of the digital renminbi to significantly enhance the settlement efficiency of cross-border transactions and reduce transaction costs. The deeper strategic intention is to provide an alternative to the traditional SWIFT system for international trade and investment, thereby alleviating dependence on the US dollar payment system, especially in promoting the use of the renminbi among countries along the 'Belt and Road' initiative.
Blockchain Service Platform: This platform will serve as a technological foundation to support various applications of the digital renminbi, especially in complex scenarios involving smart contracts. This means that the digital renminbi is not just a digital alternative to cash but a programmable financial tool capable of carrying richer business applications and financial innovations.
Digital Asset Platform: The establishment of this platform is particularly noteworthy. It aims to provide an official, regulated operating environment for the digitalization of physical assets. Interestingly, just earlier this week, Chinese securities regulators had just 'halted' some brokerages' 'real-world asset (RWA) tokenization' businesses in Hong Kong. The stark contrast before and after strongly suggests that China is not opposed to the trend of asset tokenization itself but rather hopes to bring it under a framework led and controlled by the state, rather than allowing it to grow wildly in a decentralized and unregulated environment.
Reshaping the Digital Financial Landscape
It is worth noting that while China is vigorously promoting its sovereign digital currency, it has not relaxed its strict regulation of private cryptocurrencies. From a complete ban on cryptocurrency trading in 2021 to the recent 'brake' on RWA businesses, China's attitude is very clear: resolutely crack down on any decentralized digital assets that may threaten its financial stability and capital controls.
This dual-track strategy of 'suppressing with one hand and supporting with the other' clearly reveals China's digital finance philosophy: embracing the efficiency and innovation brought by blockchain technology, but on the condition that this technology must serve national strategy and remain within an absolutely controllable range. The digital renminbi is a perfect embodiment of this philosophy. It utilizes some technical concepts of blockchain, yet it is a centralized system completely controlled by the central bank, aimed at strengthening rather than weakening the country's monetary sovereignty.
In summary, the establishment of the Shanghai Digital Renminbi International Operating Center is not merely a simple upgrade of technical facilities; it is a profound strategic declaration. It marks China's attempt to shift from being a follower in the global digital finance arena to becoming a rule maker and leader. By building a set of self-controllable digital payment and asset infrastructure, China aims not only to promote the internationalization of the renminbi and challenge the dominance of the US dollar but also to seize a high ground in the future competition of the global digital economy that cannot be easily 'choked.' The evolution of this state-led financial transformation and its far-reaching impact on the global financial landscape are closely watched by the world.