{"id":208948,"date":"2025-12-24T18:02:16","date_gmt":"2025-12-24T18:02:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/208948\/"},"modified":"2025-12-24T18:02:16","modified_gmt":"2025-12-24T18:02:16","slug":"china-expands-digital-yuan-push-to-singapore-and-asean-trade-routes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/208948\/","title":{"rendered":"China expands digital-yuan push to Singapore and Asean trade routes"},"content":{"rendered":"

In an effort to further promote the internationalisation of China\u2019s currency, Beijing has pledged to expand the use of its digital yuan, including by establishing a cross-border payment pilot with Singapore.<\/p>\n

The measures, announced by the People\u2019s Bank of China on Wednesday, are tied to a broader financial support plan for China\u2019s New International Land-Sea Trade Corridor \u2013 a trade and logistics network, launched in 2017, that links landlocked cities in western China with hundreds of global ports via rail, road and shipping connections.<\/p>\n

The PBOC, along with seven other government ministries and agencies, vowed to support the \u201cexploration of pilot programmes for cross-border digital yuan payments between the [Chinese] mainland and Singapore\u201d and promote \u201ccross-border payments using central bank digital currencies\u201d with places such as Thailand, Hong Kong, the United Arab Emirates and Saudi Arabia.<\/p>\n

Hong Kong is the largest offshore yuan market.<\/p>\n

First piloted in 2020, the e-CNY is the digital form of China\u2019s sovereign currency, and Beijing has accelerated efforts to encourage its use in cross-border payments and overseas markets. The digital token offers an alternative amid an international frenzy over stablecoins<\/a>, and it aims to erode the dominance of the US dollar in the global financial architecture.<\/p>\n

The latest developments also come as China is looking to diversify exchanges with other countries amid its trade war with the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"In an effort to further promote the internationalisation of China\u2019s currency, Beijing has pledged to expand the use…\n","protected":false},"author":2,"featured_media":208949,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[74438,2102,72,114,109191,109189,109190,37927,109187,113,240,61,60,23221,383,9458,7480,1667,109188,1097],"class_list":["post-208948","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-asean-countries","tag-beijing","tag-business","tag-china","tag-chinas-new-international-land-sea-trade-corridor","tag-cips","tag-cross-border-interbank-payment-system","tag-digital-yuan","tag-e-cny","tag-economy","tag-hong-kong","tag-ie","tag-ireland","tag-peoples-bank-of-china","tag-saudi-arabia","tag-singapore","tag-swift","tag-thailand","tag-the-united-arab-emirates","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/208948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=208948"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/208948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/208949"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=208948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=208948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=208948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}