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.
The initiative, centered around the Cross-border e-CNY Transfer Services (CBETS) platform, aims to enhance international payment efficiency, reduce transaction costs, and promote the global adoption of the Chinese yuan. CBETS provides continuous digital payment connectivity between foreign central banks and overseas financial institutions.
Jean Lu, CEO of Standard Chartered Bank (China), highlighted the role of fintech in reshaping cross-border payments and stated that an efficient payment experience would further support the international use of the yuan. This expansion is part of China's broader strategy to develop digital payment infrastructure and strengthen the renminbi's international role, offering an alternative to existing payment systems.