{"id":200258,"date":"2025-12-24T20:47:09","date_gmt":"2025-12-24T20:47:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/200258\/"},"modified":"2025-12-24T20:47:09","modified_gmt":"2025-12-24T20:47:09","slug":"china-expands-digital-yuan-push-to-singapore-and-asean-trade-routes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/200258\/","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":200259,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[85739,4177,138,607,123098,123097,22129,44775,4429,219,4431,111,139,69,4421,3703,9739,11208,4327,123096,5262],"class_list":{"0":"post-200258","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-asean-countries","9":"tag-beijing","10":"tag-business","11":"tag-china","12":"tag-chinas-new-international-land-sea-trade-corridor","13":"tag-cips","14":"tag-cross-border-interbank-payment-system","15":"tag-digital-yuan","16":"tag-e-cny","17":"tag-economy","18":"tag-hong-kong","19":"tag-new-zealand","20":"tag-newzealand","21":"tag-nz","22":"tag-peoples-bank-of-china","23":"tag-saudi-arabia","24":"tag-singapore","25":"tag-swift","26":"tag-thailand","27":"tag-the-united-arab-emirates","28":"tag-us-dollar"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/200258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=200258"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/200258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/200259"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=200258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=200258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=200258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}