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- China added 26 institutions to its cross-border digital yuan payments network via CBETS.
- CBETS gives foreign banks and central banks faster digital links for yuan settlement.
- Standard Chartered joined as Beijing pushes wider global use of the digital yuan abroad.
China expanded digital yuan payments after 26 financial institutions signed direct participant agreements with the network. The agreements were signed on June 16 through the digital yuan international operation center. The center is managed by the People’s Bank of China.
As per the report, the move gives the institutions access to Cross-border e-CNY Transfer Services, also called CBETS. The platform supports direct settlement links for foreign central banks and overseas financial firms. It is built to support faster and cheaper international transfers between markets.
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Standard Chartered Joins China’s Digital Yuan Payments Network
However, China is using the network to widen the global role of the yuan. The system offers around-the-clock connectivity for cross-border settlement. Officials expect digital yuan payments to reduce delays and improve payment efficiency for institutions.
Standard Chartered Bank confirmed that it joined the CBETS network through formal participation. The bank said it was among the first foreign banks to sign the agreement. Its participation adds a major international lender to China’s CBDC infrastructure.
Jean Lu, CEO of Standard Chartered Bank China, said fintech is changing cross-border payments. She said better digital systems can create new routes for international settlement in global finance. Lu added that efficient and compliant services could support wider yuan use.
The new agreements build on China’s wider CBDC plan. In September 2025, the People’s Bank of China launched the International Operation Center for the Digital Yuan in Shanghai. The hub focuses on digital yuan payments, blockchain innovation, digital asset services, and CBDC development.
Shanghai Hub Advances China’s Overseas Digital Yuan Strategy
The Shanghai center was created to manage China’s overseas digital yuan work. It supports payment links for banks and public financial institutions outside the country. Its role has grown as Beijing seeks wider use of digital yuan payments in trade.
China is also involved in mBridge, a blockchain-based cross-border payment platform. The project includes central banks from China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It is designed to improve international settlement and offer another payment channel across participating jurisdictions.
The latest CBETS expansion comes as countries review payment systems and settlement risks during geopolitical tension. China has promoted digital yuan payments as part of that shift. The network may help Beijing support yuan-based trade without relying only on existing rails.
For overseas institutions, CBETS offers a direct route into China’s CBDC network. It may also lower transaction costs for approved foreign participants as adoption expands. China’s push shows that digital yuan payments remain central to its cross-border finance strategy.
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