PBOC Shanghai Headquarters Jin Penghui: Digital Yuan International Operations Center Has Launched Three Major Business Platforms

(Source: Digital Legal Currency Research Society)

Mobile Payment Network News: Recently, National People’s Congress Deputy and Deputy Secretary of the Party Committee, Director of the Shanghai Head Office of the People’s Bank of China, and Shanghai Branch Governor Jin Penghui, in an exclusive interview, stated that on September 24 last year, the Digital Renminbi International Operation Center officially launched in Shanghai, injecting new momentum into the construction of Shanghai International Financial Center.

He said that currently, the Digital Renminbi International Operation Center has launched three major business platforms: the Cross-Border Digital Payment Platform explores using central bank digital currency to address pain points in traditional cross-border payments, promoting the formation of a new cross-border payment ecosystem characterized by “lossless, interconnected, and compliant”; the Digital Renminbi Blockchain Service Platform provides standardized cross-chain transaction information transfer and on-chain digital renminbi payment services for various scenarios and industry-specific blockchains; the Digital Asset Platform supports issuing, registering, custody, and trading compliant digital assets on the chain, enabling compliant digital assets to circulate value on the same platform.

He added that the People’s Bank of China Shanghai Head Office will also actively cooperate with the Digital Renminbi International Operation Center to carry out various business activities.

According to Mobile Payment Network, last September, the central bank established separate Digital Renminbi International Operation Centers and Digital Renminbi Operation Management Centers in Shanghai and Beijing. The International Operation Center is responsible for building and operating cross-border and blockchain infrastructure for digital renminbi, promoting cross-border interconnection with domestic and foreign financial infrastructure, advancing the international operation of digital renminbi and the development of financial market services, and supporting digital financial innovation. The Operation Management Center is responsible for building and operating the core infrastructure of the central bank’s digital renminbi system, coordinating various market institutions to jointly build an open, inclusive, secure, and efficient digital renminbi ecosystem, comprehensively promoting digital renminbi business development, and serving currency and payment system innovation and the strategy of becoming a strong financial nation.

As a result, the current digital renminbi ecosystem has formed a “dual-center” architecture system, with the two centers complementing each other, creating a layered, coordinated organizational structure for digital renminbi. The Operation Management Center focuses on strengthening domestic core infrastructure and ecological foundations, accelerating the application of emerging technologies within the digital renminbi system, and cultivating sustainable development models; the International Operation Center emphasizes external connectivity, expanding cross-border cooperation and applications, forming a “dual-wheel” pattern of domestic and international dual circulation.