China to set up international operation center for digital RMB

China's central bank governor Pan Gongsheng said on Wednesday that the country will establish an international operation center for the digital RMB.

The center aims to promote the internationalization of the digital currency and the development of financial market services while supporting innovation in digital finance, Pan said at the Lujiazui Forum held in east China's Shanghai.

The initiative is part of a package of eight new measures announced by Pan that will be implemented in Shanghai, China's financial hub.

Pan said a transaction reporting repository for the interbank market will also be established to collect transaction data and analyze activity across sub-markets such as bonds, currencies and derivatives, supporting macroeconomic policymaking and financial market supervision.

A personal credit reporting agency will be established to provide financial institutions with diversified and tailored credit products, further improving the country's social credit system.

A pilot program for offshore trade finance reform will be launched in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone to support the city's offshore trade development through innovative business rules, Pan said.

Other measures include the development of free trade offshore bonds to expand financing channels for companies, and the optimization of the free trade account system to facilitate cross-border trade and investment for enterprises.

In addition, the package includes the rollout of innovative structural monetary policy tools in Shanghai, and joint efforts with the country's securities regulator to advance RMB foreign exchange futures trading, according to Pan.