Eight Chinese Authorities Support Cross-Border Digital Yuan Payment Pilot Between Mainland and Singapore

Deep News
Yesterday

On December 24, financial authorities announced that the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Transport, the Ministry of Commerce, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Guidelines on Financial Support for Accelerating the Development of the New Western Land-Sea Corridor" (hereinafter referred to as the "Guidelines").

The Guidelines propose exploring international cooperation in digital finance. It supports provinces (autonomous regions, municipalities) along the corridor to participate in the multi-central bank digital currency bridge project, promoting cross-border payments using central bank digital currencies with Thailand, Hong Kong, the UAE, and Saudi Arabia. Additionally, it encourages advancing a cross-border digital yuan payment pilot between mainland China and Singapore.

The document also backs eligible regions in establishing digital service platforms for cross-border e-commerce, facilitating integration with companies operating similar platforms in Singapore and other countries to enhance cross-border e-commerce capabilities.

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