June 19, 2025
BEIJING – China will set up an international operations center for the digital yuan, in a bid to advance the international use of the digital currency and better serve innovation in digital finance, according to the country’s central bank.
Speaking at the opening of the 2025 Lujiazui Forum in Shanghai on Wednesday, Pan Gongsheng, governor of the People’s Bank of China, pledged to develop offshore bonds in free trade zones. The move aims to broaden financing channels for Chinese firms going global and for high-quality enterprises from countries and regions involved in the Belt and Road Initiative.
The two-day forum has set its theme on “financial opening-up and cooperation for high-quality development in a changing global economy”.
During the forum, Pan announced the establishment of a personal credit reporting agency to provide diversified and differentiated credit products for financial institutions, further improving the nation’s social credit reporting system. A pilot program for comprehensive reform of offshore trade finance services will be launched in the Lingang area of Shanghai, with innovations in business rules to support the city’s offshore trade development.
In another key move, Pan said an interbank market transaction data repository will be established to collect and analyze high-frequency transaction data across financial sub-markets—including bonds, currencies, derivatives, gold, and commercial paper.
According to him, the functions of free trade accounts will also be optimized and upgraded to enable more efficient connections between high-quality enterprises and overseas funds. And the central bank will work with the China Securities Regulatory Commission to study the development of renminbi foreign exchange futures trading, to expand the range of foreign exchange market products and help financial institutions and foreign trade enterprises better manage exchange rate risks.
