AsianFin -- Pan Gongsheng, the governor of China's central bank, the People's Bank of China, said Wednesday that new technologies such as blockchain and distributed ledgers have promoted the vigorous development of the central bank's digital currency and stablecoins.

He made the comments at the 2025 Lujiazui Forum in Shanghai.

Pan noted that new technologies are accelerating their application in the field of cross-border payment, reshaping the traditional payment system and shortening the cross-border payment chain.

However, he also acknowleged that new technologies are posing huge challenges to financial supervision at the same time.