Digital RMB International Operation Center Officially Commences Operations

On September 24, the Digital RMB International Operation Center business platform promotion conference was held in Shanghai, introducing relevant institutions to the functions of the Digital RMB cross-border digital payment platform, the Digital RMB blockchain service platform, and the digital asset platform (hereinafter referred to as the “business platforms”), marking the official commencement of operations of the Digital RMB International Operation Center. Lu Lei, member of the Party Committee and Deputy Governor of the People’s Bank of China, and Wu Wei, member of the Standing Committee of the Shanghai Municipal Party Committee and Executive Vice Mayor, attended the event and delivered speeches.

Lu Lei stated that the upgrade and evolution of currencies and payment systems in the digital era is historically inevitable. The People’s Bank of China is committed to providing open, inclusive, and innovative solutions to improve the global cross-border payment system. The proposed three principles of “non-loss, compliance, and interoperability” have become the basic guidelines for building cross-border infrastructure for legal digital currencies, and an initial framework for the Digital RMB cross-border financial infrastructure system has already been established. At the same time, efforts are being made to explore digital asset innovations that enhance regulatory efficiency and transparency, improve settlement transparency, and increase the intelligence of value circulation. The implementation of the business platforms in Shanghai is not only a concrete measure to facilitate cross-border payments but also highly aligns with the core functions of building Shanghai as an international financial center. In the future, the People’s Bank of China will continue to support the stable and long-term operation of the Digital RMB International Operation Center, providing strong assistance for the facilitation of cross-border trade and investment.

Wu Wei stated that the establishment of the Digital RMB International Operation Center and business platforms in Shanghai will inject strong momentum into the construction of Shanghai as an international financial center. Shanghai’s relevant departments should fully leverage the business platforms, continuously expand the application scenarios and usage scope of the Digital RMB, and assist in enhancing the internationalization of the RMB. It is hoped that the Digital RMB International Operation Center will continue to strengthen technological innovation and application, continually improve the security, stability, and convenience of the business platforms, and provide solid technological support for promoting the deep integration of finance and the real economy.

The Digital RMB International Operation Center is established and managed by the Digital Currency Research Institute of the People’s Bank of China. It is responsible for building and operating the digital RMB cross-border and blockchain infrastructure, promoting cross-border connectivity with domestic and foreign financial infrastructures, advancing the international operations of the Digital RMB and the development of financial market business, and serving digital financial innovation.

Attendees of the promotion conference included relevant departments of the People’s Bank of China and the State Administration of Foreign Exchange, responsible officials from Shanghai headquarters and related units, officials from the Shanghai Municipal Government and relevant departments, as well as representatives from Digital RMB business operation institutions and some domestic and foreign financial institutions and partner enterprises in Shanghai.