The Governor of the People's Bank of China, Pan Gongsheng, announced the establishment of an international operation center for the e-CNY in Shanghai during the Lujiazui Forum. The main objective of the center is to enhance the global influence of the Chinese yuan through its digital version. Despite being one of the most advanced central bank digital currency projects globally, the e-CNY has faced slower user adoption, especially for cross-border transactions. Pan highlighted the importance of blockchain and distributed ledger technologies in shaping global payment systems, emphasizing the role of stablecoins and CBDCs in transforming cross-border settlement infrastructure. China's decision to launch the e-CNY international hub in Shanghai reflects its commitment to leading the evolving financial landscape amidst competition from other national digital currencies and global stablecoins.