As mainland’s international operations centre, Shanghai will increase global reach of yuan, promote China’s central bank digital currency
The geopolitical world is becoming multipolar. Inevitably, the international monetary system is also evolving towards one where several sovereign currencies coexist and compete with each other.
As the second-largest economy, China must broaden the international role and appeal of the yuan. To this end, it makes sense to set up a new operations centre in Shanghai, the key mainland financial hub, to boost the yuan’s global reach.
As announced at the just-concluded Lujiazui Forum in the city, the international operations centre will pilot a range of monetary policy tools to complement the rolling out of the digital renminbi.
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