PBOC: Build and operate cross-border, offshore, and blockchain infrastructure for the digital RMB under the premise of security and controllability

The People’s Bank of China, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People’s Government jointly issued the *Action Plan for Developing Offshore Finance in the Shanghai International Financial Center*, which states that, relying on the Digital RMB International Operations Center, digital RMB cross-border, offshore, and blockchain infrastructure will be built and operated under secure and controllable conditions; interconnection with overseas financial infrastructure will be prudently advanced; and the application of digital RMB in offshore business—and the expansion of its use cases—will be steadily promoted.