Digital yuan cross-border network expands as 39 more financial institutions apply to join CBETS
- —39 new institutions applied for direct CBETS access by end-September
- —The platform's first batch comprised 26 financial institutions
- —CBETS supports bilateral links with foreign central bank payment and CBDC systems
- —The service covers both trade settlement and cross-border personal travel
Why it matters: The expansion deepens internationalization of the digital yuan and offers an alternative to dollar-based settlement rails.
Source: PANews