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The head of China’s central bank has sworn to expand the international use of the digital yuan. He also called for the development of a multi-polar global currency system, in which more than one currency rules the world economy. People’s Bank of China Governor Pan Gongsheng said at the Lujiazui Forum on Wednesday that China will set up an international operation center for the digital yuan (e-CNY)in Shanghai. The Forum is a high-profile event for financial industry executives and regulators from around the world. This reaffirms the country’s central bank digital currency (CBDC) vision. On the other hand, the US and China’s competition has fully settled with crypto instead of CBDCs. The country has made a bold move with the ongoing bill: The Genius Act, which is meant to regulate stablecoins.  In addition, many countries continue to pursue CBDCs. In Europe, lawmakers across member states continue to push for a digital euro, while the United Arab Emirates expects to roll out the digital dirham by the end of 2025. Israel has also released a preliminary design for a digital shekel. China accelerates building financial systems independent of Western institutions China’s “multipolar” currency system vision contrasts with the current system, where a few currencies, like the US dollar and the euro, play large roles in the global financial system. Pan Gongsheng said that traditional cross-border payment systems are vulnerable to geopolitical risk. “Developing a multi-polar international monetary system will help strengthen policy constraints on sovereign currency countries, enhance the resilience of the system, and better safeguard global financial stability,” he said. China is accelerating efforts to develop financial systems independent of Western institutions. This has always been China’s goal, together with the BRICS ecosystem.  However, the goal has been slowed down by an unwillingness to open the capital account. That isn’t…

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Filed under: News - @ June 18, 2025 11:25 pm