Post by : Jyoti Gupta

Photo:Reuters

China is making a big move to help its money, the yuan, become more important around the world. The country’s central bank leader, Pan Gongsheng, said that China will open a special center in Shanghai to manage the digital version of the yuan. This center will help more countries and businesses use the digital yuan for payments and trade.

China wants to make it easier and safer for people to send money across borders, especially since some countries worry about using just one main currency, like the US dollar. By building this new center, China hopes to give the world another good choice for international payments.

At the same time, China will try out new ways to support businesses, like helping them get loans and using green finance to protect the environment. Shanghai will also test new tools, such as using blockchain for trade and creating special bonds for technology companies.

China’s central bank also plans to collect more data about trading in different markets, like bonds and gold, to help make better financial decisions. They will also set up a new credit agency to offer more choices for people and businesses who need loans.

Pan Gongsheng said that the world’s financial system should be fairer, with more countries having a say. He wants big financial groups, like the IMF and World Bank, to give more power to countries like China, which have large economies but not enough voting rights.