China has opened a digital yuan center to increase competition with the dollar

The People's Bank of China has launched a digital yuan operations center in Shanghai, which will combine platforms for cross-border payments, blockchain technologies and digital assets. 

The authorities are confident that the new hub will become a key link in the development of financial infrastructure and the expansion of the international use of Chinese currency.

According to the deputy head of the NBK, Lu Lei, the basic infrastructure for cross-border settlements in digital yuan has already been created. The center will support trade, investment, and digital innovation, as well as promote the integration of China's financial systems with foreign ones.

The initiative is part of a strategy announced by the head of the NBK, Pan Gongsheng, aimed at opening up financial markets and strengthening the role of the yuan in the global economy. Related measures include the development of yuan futures and encouraging companies to issue offshore bonds in Shanghai.