The announcement at the Lujiazui Forum comes as China accelerates efforts to expand the global use of its currency amid growing US tensions
China will set up an “international operations centre” for the digital yuan to boost the global influence of the renminbi, People’s Bank of China Governor Pan Gongsheng announced at the Lujiazui Forum in Shanghai on Wednesday.
The measure was among eight financial policies Pan announced during the opening of the annual finance-facing forum, which also included pledges that China would pilot a range of structural monetary policy tools in Shanghai.
The policies come at a time when growing tensions with the United States over trade and technology issues have added urgency to China’s attempts to expand overseas adoption of the yuan and accelerate the rise of Shanghai as a global financial hub.
The trials will include refinancing schemes using credit-based relending for foreign trade enterprises, cross-border trade refinancing with rediscount support, and an expanded green finance programme. The latter will widen the scope of China’s carbon reduction support tool to include transition finance and region-specific industries.
