{"id":368437,"date":"2025-12-25T00:12:18","date_gmt":"2025-12-25T00:12:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/368437\/"},"modified":"2025-12-25T00:12:18","modified_gmt":"2025-12-25T00:12:18","slug":"china-expands-digital-yuan-push-to-singapore-and-asean-trade-routes","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/368437\/","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":368438,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[63677,550,28,144,180858,180856,180857,174914,180854,101,5425,9340,131,3997,31783,2024,180855,9336],"class_list":["post-368437","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-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\/us\/wp-json\/wp\/v2\/posts\/368437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=368437"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/368437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/368438"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=368437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=368437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=368437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}