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China establishes digital yuan hub in Shanghai to strengthen cross-border payments
Shanghai center aims to advance digital yuan in cross-border trade as global partners seek alternatives to the US dollar.
China today opened a digital yuan hub in Shanghai designed to accelerate the central bank digital currency’s adoption for international trade and cross-border payments.
The People’s Bank of China established the Shanghai-based operations center to expand the digital yuan’s global reach beyond domestic transactions.
BRICS nations are increasingly using the Chinese yuan for trade settlements, with payments in the yuan rising to around 24% of their trade transactions in early 2025.
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