China's digital yuan operation centre has signed 26 institutions, including Standard Chartered Bank (China), for cross-border payments.
The agreements were granting the 26 financial institutions direct participant status on the Cross-border e-CNY Transfer Services platform, known as CBETS. The international operation centre for the digital yuan was established and is managed by the People's Bank of China, the country's central bank.
According to Reuters, the agreements form part of an effort to expand low cost, efficient cross-border payments and to advance global adoption of the yuan, China's currency.
Platform structure and participation
CBETS operates as an integrated cross-border settlement platform, providing continuous digital payment links between foreign central banks and overseas financial institutions. Direct participant status allows the signatory institutions to connect to the platform and process cross-border transactions denominated in e-CNY, the digital form of the yuan.
Through the process of joining as direct participants, the 26 institutions gain access to settlement infrastructure built specifically for cross-border use of the digital currency. Standard Chartered Bank (China) said it was among the first foreign banks to sign the agreement and join CBETS.
Jean Lu, chief executive officer of Standard Chartered Bank (China), said financial technology is reshaping the underlying logic of cross-border payments and is creating new momentum and pathways for the sector. Lu added that an efficient, convenient, and compliant cross-border payment experience would further support the international use of the yuan.
Wider push for digital yuan adoption
The agreement forms part of a broader effort by the People's Bank of China to increase use of the digital yuan both domestically and internationally, according to industry sources cited by Reuters. The push has been described as setting Beijing on a different, and potentially competing, path from the US in shaping the future of money.
In addition, the expansion of direct participants in CBETS adds to a series of recent regulatory steps around the digital yuan. In March 2026, China approved 12 additional banks to handle digital yuan transactions, according to sources cited by Reuters, as authorities sought to accelerate adoption of the currency domestically.
Taken together, the new CBETS agreements and the earlier bank approvals point to parallel efforts by the People's Bank of China to broaden the digital yuan's reach at home, through additional licensed banks, and abroad, through expanded settlement links with foreign central banks and overseas financial institutions. The 26 new direct participants add to the network of institutions able to process cross-border e-CNY transactions, a capability linked to the stated aim of lower cost, more efficient international payments.
