Digital RMB international cooperation accelerates: The central bank promotes cross-border payment applications, with ASEAN and other countries included in the cooperation scope

【ChainWen】The latest policy signals are here. Official departments are promoting the application of digital RMB in international payments, focusing on cross-border settlement in Southeast Asia, Central Asia, and other regions.

There are several core directions: first is international cooperation on central bank digital currencies. Supporting participation in multilateral CBDC bridge projects and promoting cross-border payment cooperation with countries such as Thailand, Hong Kong, the United Arab Emirates, and Saudi Arabia. The digital RMB cross-border payment pilot is also expanding its scope, with countries like Singapore included as partners.

Second is the cross-border e-commerce sector. Countries along the Belt and Road support the construction of cross-border e-commerce digital service platforms, connecting with digital platforms for e-commerce and trade in countries like Singapore to improve service efficiency. This means that cross-border payments may become more convenient in the future.

Next is RMB-denominated settlement. Policies encourage the use of RMB for pricing and settlement of bulk commodities, supporting ASEAN investors to invest and reinvest using RMB. Cross-border financing, guarantees, and asset transfer services by banking institutions can also be settled in RMB. This is expanding the international use of RMB.

Particularly noteworthy are the technological advantages of digital RMB. Policies clearly aim to leverage features such as “payment as settlement, low cost, and programmability,” and to explore innovative solutions through smart contracts. Digital RMB will be applied in scenarios like channel payments and settlements, financing, and tax rebates, while expanding its geographic coverage. Through bilateral and multilateral business models, it aims to reduce costs and increase efficiency in cross-border payments.

In simple terms, this is about promoting the internationalization of RMB through digital means, and establishing a more efficient regional payment network via cross-border cooperation of central bank digital currencies. For institutions engaged in international trade and cross-border investment, these policy changes mean increased convenience in RMB-denominated settlement.