China's digital yuan operator inks cross-border payment deal with 26 institutions

The digital yuan operating center, established by the People's Bank of China (PBOC), has signed participation agreements with 26 financial institutions in Shanghai, Reuters reported. The move aims to promote low-cost, high-efficiency cross-border payments and increase the global use of the yuan. Participating institutions will join the Cross-Border e-CNY Transfer Service (CBETS), an integrated payment platform that supports 24-hour digital payments with overseas central banks and financial institutions. The PBOC is actively promoting the expansion of the digital yuan's use both domestically and internationally, having approved an additional 12 banks to handle the currency in March.