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China establishes digital yuan hub in Shanghai to strengthen cross-border payments

China establishes digital yuan hub in Shanghai to strengthen cross-border payments

Photo: Dominic Kurniawan Suryaputra

Shanghai center aims to advance digital yuan in cross-border trade as global partners seek alternatives to the US dollar.

by Vivian Nguyen

1 min read

In Regulation

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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.

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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.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

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