China has taken another major step toward expanding the global reach of its central bank digital currency (CBDC), signing direct participant agreements with 26 financial institutions to join its cross-border digital yuan payment network.
According to a Reuters report, the agreements were signed on June 16 through the international operation center of the digital yuan, which is managed by the People’s Bank of China (PBOC).
The initiative is designed to promote faster, lower-cost international payments while advancing the global adoption of the Chinese yuan.
The e-CNY network architecture
The participating institutions will gain access to the Cross-border e-CNY Transfer Services (CBETS), an integrated settlement platform that supports around-the-clock digital payment connectivity between foreign central banks and overseas financial institutions.
The system is expected to streamline international settlements by reducing transaction costs and increasing payment efficiency.
The digital yuan operation center was established to oversee the international expansion of China’s CBDC infrastructure as Beijing seeks to strengthen the renminbi’s role in global commerce.
Standard Chartered Bank confirmed that it was among the first foreign banks to sign the agreement and join the CBETS network.
“Fintech is fundamentally reshaping the underlying logic of cross-border payments and providing new momentum and pathways for them,” said Jean Lu, CEO of Standard Chartered Bank (China). “An efficient, convenient, and compliant cross-border payment experience will further enhance the international use of the yuan,” Lu added.
China’s broader digital yuan strategy
The latest expansion builds on China’s long-term effort to develop digital payment infrastructure around the yuan.
In September 2025, the People’s Bank of China launched the International Operation Center for the Digital Yuan in Shanghai, creating a dedicated hub focused on cross-border payments, blockchain innovation, digital asset services, and international CBDC development.
The center was established to support the global expansion of the digital yuan and strengthen China’s position in emerging digital financial infrastructure.
Additionally, China also announced the commercial rollout of mBridge, a blockchain-based cross-border payment platform to combat USD dominance. The platform is backed by the central banks of China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia.
As geopolitical tensions and competition over payment infrastructure continue to intensify, China is increasingly investing in alternative financial rails that can support international trade and settlement using the yuan. By expanding the CBETS network and accelerating digital yuan adoption, Beijing is seeking to strengthen the renminbi’s international role while offering an alternative framework for cross-border payments in an increasingly digital global economy.
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