<\/p>\n
China’s digital yuan operation centre signed direct participant agreements with 26 financial institutions in Shanghai on Tuesday, aiming to expand low-cost, efficient cross-border payments and advance global adoption of the Chinese currency.<\/p>\n
The international operation centre of the digital yuan was established and managed by the People’s Bank of China.<\/p>\n
The agreement will allow participants to join the cross-border e-CNY transfer services, or CBETS, an integrated cross-border settlement platform that supports round-the-clock digital payment links with foreign central banks and overseas financial institutions.<\/p>\n
“Fintech is fundamentally reshaping the underlying logic of cross-border payments and providing new momentum and pathways for them,” Jean Lu, the chief executive officer of Standard Chartered Bank (China), said in a press release.<\/p>\n
“An efficient, convenient, and compliant cross-border payment experience will further enhance the international use of the yuan,” Lu said.<\/p>\n
Standard Chartered Bank (China) said it was one of the first foreign banks to sign and join the CBETS.<\/p>\n
China’s central bank is making a broad push to increase the use of digital yuan at home and abroad, several industry sources told Reuters, setting Beijing on a different \u2014 and potentially competing \u2014 path from the US in shaping the future of money.<\/p>\n
China granted approval to a dozen additional banks to handle its digital yuan in March, sources told Reuters, as Beijing pushes to accelerate use of the digital currency.<\/p>\n
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