China's digital yuan operation centre signed direct participant agreements with 26 financial institutions in Shanghai on June 16, 2026, to join the Cross-border e-CNY Transfer Services (CBETS) platform managed by the People’s Bank of China [1, 2, 3].
CBETS is an integrated cross-border settlement platform that supports round-the-clock digital payment links with foreign central banks and overseas financial institutions [1, 2, 3]. It aims to expand low-cost and efficient cross-border payments while advancing global adoption of the digital yuan [1, 3]. The platform reduces reliance on traditional intermediary channels in cross-border payments [2].
Standard Chartered Bank (China) was among the first foreign banks to sign and join CBETS [1, 3]. Jean Lu, CEO of Standard Chartered Bank (China), said fintech is “fundamentally reshaping the underlying logic of cross-border payments and providing new momentum and pathways for them.” Lu added, “An efficient, convenient, and compliant cross-border payment experience will further enhance the international use of the yuan.” [1]
The People’s Bank of China established and manages the international operation centre of the digital yuan, which was launched in September 2025 [1, 2, 3]. CBETS consolidates several existing service modules and operates alongside China’s Cross-Border Interbank Payment System (CIPS), which handles traditional interbank payments [2].
In March 2026, China approved 12 additional banks to handle the digital yuan, expanding the network of institutions participating in the digital currency system [1, 3].
China’s push to expand the digital yuan occurs amid competing global interest in the future of money, including efforts by the US [1, 3]. The next major step for CBETS is to integrate more foreign central banks and overseas institutions to further strengthen digital yuan adoption internationally [1, 2].
