Key facts
- China has signed agreements with 26 financial institutions to join its cross-border digital yuan payment network.
- The initiative is managed by the People's Bank of China (PBOC) through its digital yuan international operation center.
- Participating institutions will gain access to the Cross-border e-CNY Transfer Services (CBETS) platform.
- The CBETS platform is designed to streamline international settlements by reducing transaction costs and increasing payment efficiency.
- Standard Chartered Bank (China) is among the first foreign banks to join the CBETS network.
China is significantly expanding the global reach of its digital yuan by onboarding 26 financial institutions to an upgraded platform for cross-border settlements. The People's Bank of China's (PBOC) digital yuan international operation center signed agreements with these direct participants, including Standard Chartered Bank (China) Ltd. and overseas branches of major Chinese lenders.