China Expands Digital Yuan Network with New Institutional Partners
- The Central Bank of China added 26 banks to its Cross-border e-CNY Transfer Services (CBETS) on Tuesday.
- Institutions from Brazil, Qatar, Thailand, Hong Kong, and Macau are now included in the digital yuan network.
- Mbridge platform recorded over $55 billion in volume by January, with 95% transacted in digital yuan.
- In April, the yuan’s share in SWIFT transactions fell to sixth place at 2.85%.
China is intensifying its push for the internationalization of the digital yuan by incorporating global institutions into its cross-border payment network. This expansion aims to provide a more efficient and compliant payment experience while reducing reliance on traditional systems like SWIFT.
With Mbridge handling significant volumes primarily in digital yuan, China is positioning itself as a leader in cross-border CBDC transactions, potentially challenging established networks and offering alternatives amid market sanctions concerns. (Source)
