Remembering Shanghai's Financial Achievements in 2025: Digital Renminbi and Blockchain Set New Milestones

2026-02-16 20:21:15

Abstract generation in progress

The Shanghai Branch of the People’s Bank of China held a press conference in the first quarter of 2026 to review the major achievements of Shanghai’s financial sector in 2025 and responded sincerely to various journalists’ questions. Zhou Feng, Deputy Director of the Monetary and Credit Survey Department of the Shanghai Branch of the People’s Bank of China, detailed the remarkable progress made in Shanghai’s financial development last year.

Significant Progress in Building Shanghai International Financial Center

Focusing on the construction of the Shanghai International Financial Center, the Shanghai Branch of the People’s Bank of China achieved a series of new accomplishments over the past year. Notably, the blockchain-based letter of credit re-issuance policy for Trade Finance was officially implemented, bringing groundbreaking changes to the trade finance sector. The automation of letters of credit using blockchain technology has shortened transaction processing times and greatly enhanced financial transparency.

Digital Renminbi International Operating Center Officially Launched

One of the most notable achievements is the official operation of the Digital Renminbi International Operating Center in Shanghai. The launch of this center signals China’s digital currency entering the international stage in a substantial way. At the same time, the pilot project of the Multilateral Central Bank Digital Currency Bridge (mCBDC Bridge) is being carried out in depth, accelerating innovation in the global financial payment system.

Shanghai Subway Network Supports Advanced Payment Methods Throughout

In areas closely related to citizens’ daily lives, the results of financial innovation are also prominent. All subway lines in Shanghai now support cardless payments through online banking cards and digital Renminbi hard wallets. This significantly improves the convenience of daily commuting for citizens and plays an important role in increasing the practical use of digital Renminbi.

Furthermore, the comprehensive preparation and operation of the IMF Shanghai Center reinforce Shanghai’s position as a hub for international financial cooperation. These achievements clearly demonstrate Shanghai’s financial innovation capabilities and its development as an international financial center.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.