China’s Central Bank Plans Global Push for Digital Yuan Amid Dollar Uncertainty

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China is accelerating its efforts to internationalize the digital yuan (e-CNY), with the People’s Bank of China (PBoC) establishing a new Shanghai-based hub to expand its global reach.

Speaking at the Lujiazui Forum, PBoC Governor Pan Gongsheng emphasized China’s ambition for a “multipolar” currency system, challenging the dominance of the US dollar and euro.

The move comes as the dollar faces declining investor confidence in 2025, exacerbated by recent unpredictable tariff policies under the Trump administration.

Pan also took aim at traditional cross-border payment networks, warning they are “vulnerable to geopolitical weaponization”—a thinly veiled critique of US-led financial sanctions. “Existing systems can be politicized, turned into tools for unilateral sanctions, and disrupt global economic stability,” he argued.

With the new Shanghai operations center, China is signaling its intent to position the e-CNY as a key player in the future of global finance.