China is ramping up efforts to promote its central bank digital currency (CBDC) worldwide, with PBoC Governor Pan Gongsheng announcing a new Shanghai-based international operations center for the digital yuan.
At the Lujiazui Forum, Pan advocated for a “multipolar” currency system, implicitly criticizing the outsized role of the US dollar in global finance. His remarks coincided with growing skepticism toward the dollar in 2025, fueled by economic turbulence from Trump’s aggressive tariff policies.
Pan didn’t hold back in his critique of existing payment systems, accusing them of being “tools for financial coercion.” “When payment infrastructures are politicized, they threaten global stability,” he warned—a clear reference to US sanctions.
While China’s digital yuan push is ambitious, questions remain about its adoption outside Beijing’s sphere of influence.
