The head of China’s central bank has promised to boost the global adoption of the digital yuan and called for the development of a multi-polar global currency system, where several currencies dominate the world economy, according to a Reuters report on 18 June 2025.
China will set up an international e-CNY operations centre in Shanghai, People’s Bank of China Governor Pan Gongsheng announced at the Lujiazui Forum, a meet-up of local and foreign financial industry executives and regulators.
The remarks follow renewed interest in a global yuan, driven by trade tensions and growing demand for alternatives to dollar-based assets. China is also stepping up efforts to build financial systems independent of the West, spurred by shifting trade flows and geopolitical recalibrations, which are reshaping the global economic landscape.
Pan added on, saying that a multi-polar global monetary system would allow the strengthening of policy constraints on sovereign currency countries, boost the resilience of the system, and better safeguard financial stability worldwide.
He expects a number of major global currencies to coexist in a state of mutual competition, each keeping the others in check.
The declining appeal of the U.S. dollar coincides with growing global interest in cryptocurrencies, particularly stablecoins.
In a separate development, on Wednesday, six foreign banks, including First Abu Dhabi Bank, agreed to adopt China’s yuan-based Cross-Border Interbank Payment System (CIPS), state broadcaster CCTV reported. This is another move that further boosts the yuan’s role in global trade.
Featured image: Edited by Fintech News Hong Kong, based on image by coffeemill via Freepik