China signs up 26 financial institutions to digital yuan cross-border payment platform
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.
The international operation centre of the digital yuan was established and managed by the People’s Bank of China.
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.
