China has intensified its efforts to promote independent systems of the West.
From the Asian country they warn that traditional payment infrastructure can politicize.
In an event on Tuesday, the governor of the Popular Bank of China, Pan Gongsheng, expressed his commitment to expand the international use of the Yuan Digital (E-CNY) and to promote the creation of a multipolar monetary system where several currencies have prominence.
To do this, he announced the opening of an Operations Center in Shanghai on E-CNY, its Central Bank digital currency (CBDC), to boost its adoption in global trade.
During his speech at the Lujiazui Financial Forum in Shanghai, a meeting that brings together prominent leaders of the national and international financial sector, PAN argument that Digital technologies have highlighted the limitations of traditional international payments systems. These, as he said, are vulnerable to political influence and can be used as unilateral sanction tools.
Its ratification occurs in a context where interest begins to arise in alternatives to the dollar United States (USD)largely due to the tariff policies promoted by President Donald Trump. Both investors and governments explore other options, such as Yuan, euro and cryptocurrencies.
This also occurs while the Genius bill, which seeks to regulate the stablecoins anchored to the dollar to enhance the adoption of their global level and the hegemony of its currency, among other reasons. This has accelerated the efforts of the central banks not only of Asia, but also of Europe to protect the dominance of their currencies through its CBDC.
The Chinese governor defended the need for a monetary system with controls and counterweights that reduces the dependence of the dollar. In his opinion, such an environment would not only limit excessive power of individual sovereign currencies, but also strengthened the resilience of the international economic system against shocks and geopolitical pressures.
As Cryptonotics reported, the initiative reflects China’s strategic interest in positioning Yuan as a global currency, with an influence comparable to that of the dollar or the euro. This impulse to internationalize its currency is part of a broader strategy than the Asian giant has been developing in recent months.
Through a cross -border liquidation 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 and less dependent on the Swift Network, dominated by the dollar. This advance occurs despite the concerns generated by CBDC about the supervision and financial control of its users.
