MUSCAT : The People’s Bank of China announced today that it will expand its digital yuan cross-border pilot programme, allowing select foreign banks in Asia and Europe to participate in real-time payment trials. The move marks an important step in the Chinese government’s efforts to internationalise the renminbi and reduce dependence on the traditional dollar payment system.
People’s Bank of China officials said the expansion would improve transaction efficiency and reduce cross-border costs for participating institutions. Analysts say the move could reshape regional trade financing, particularly among Belt and Road partner countries.
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