People's Bank of China starts Digital RMB International Operations Center with cross-border payments and blockchain platform in Shanghai

The People's Bank of China held a business platform presentation in Shanghai for the Digital RMB International Operations Center, marking the center’s formal start of operations and introducing three platform components covering a cross-border digital payment platform, a digital renminbi blockchain services platform and a digital asset platform. Prepared and managed by the People’s Bank of China Digital Currency Research Institute, the center is tasked with building and operating cross-border and blockchain infrastructure for the digital renminbi, promoting cross-border interconnection with domestic and overseas financial infrastructures, and developing international operations and financial market business for the digital renminbi. The central bank linked the initiative to its approach for improving cross-border payments and referenced three principles for cross-border central bank digital currency infrastructure, described as non-disruptive, compliant and interoperable, alongside work on asset digitisation intended to enhance regulatory efficiency and transparency in settlement and value transfer. The People’s Bank of China indicated it will continue to support the center’s development, while Shanghai authorities signalled plans to expand local application scenarios and expected ongoing improvements to the platform’s security, stability and usability.