On June 18, Pan Gongsheng, governor of the People’s Bank of China (PBOC), announced the establishment of an international operation center for the digital RMB at the 2025 Lujiazui Forum. This move aims to promote the international operation of the digital RMB and support the development of financial market business, as well as digital finance innovation.
The announcement follows the recent progress in the digital RMB pilot programs, which have expanded to cover 23 provinces and cities in China, with over 120 million pilot app users.
The digital RMB is also being tested in various cross-border payment scenarios, including participation in the multilateral central bank digital currency bridge project (mBridge), which has reached the minimum viable product (MVP) stage.
This project aims to explore a multi-CBDC platform for efficient cross-border payments, with China’s Digital Currency Institute as one of the founding members.
The establishment of the international operation center aligns with the broader goals of promoting digital RMB applications in cross-border trade and financial transactions, as outlined in the recent policy document issued by the General Office of the Communist Party of China and the State Council.
This initiative is expected to enhance the internationalization of the RMB and contribute to the development of a more inclusive and efficient global payment system.
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