At an event on Tuesday, People's Bank of China Governor Pan Gongsheng expressed his commitment to expanding the international use of the digital yuan (e-CNY) and promoting the creation of a multipolar monetary system with multiple currencies. To this end, it announced the opening of an operations center in Shanghai for e-CNY, its central bank digital currency (CBDC), to boost its adoption in global trade.

Speaking at the Lujiazui Financial Forum in Shanghai, a gathering of prominent leaders from the domestic and international financial sector, Pan argued that digital technologies have exposed the limitations of traditional international payment systems. These, he said, are vulnerable to political influence and can be used as tools for unilateral sanctions.

Its ratification comes amid growing interest in alternatives to the US dollar (USD), largely due to the tariff policies promoted by President Donald Trump. Investors and governments are exploring other options, such as the yuan, the euro, and cryptocurrencies.

This also occurs as the GENIUS Act, which seeks to regulate dollar-pegged stablecoins to boost their global adoption and currency dominance, among other reasons, is advancing in the United States Congress. This has accelerated efforts by central banks not only in Asia, but also in Europe to safeguard the dominance of their currencies through their CBDCs.

The Chinese governor defended the need for a monetary system with checks and balances that would reduce dependence on the dollar. In his view, such an environment would not only limit the excessive power of individual sovereign currencies but would also strengthen the resilience of the international economic system to geopolitical shocks and pressures.

The initiative reflects China's strategic interest in positioning the yuan as a global currency, with influence comparable to that of the dollar or the euro. This push to internationalize its currency is part of a broader strategy that the Asian giant has been developing in recent months.

Through a cross-border settlement system based on its central bank digital currency (CBDC), China has already connected 16 countries in Asia and the Middle East, in an effort to offer a more agile alternative less dependent on the dollar-dominated SWIFT network. This progress comes despite concerns that CBDCs generate regarding the financial oversight and control of their users.