PBOC Will Enhance RMB Cross-Border Payments Infrastructure
The People’s Bank of China (PBOC) Payment and Settlement Department chief announced plans to further improve the RMB cross-border payment system. A diversified payment service framework is now in place, supporting card, mobile payment and cash transactions in parallel.
Foreign visitor convenience has significantly increased, with ‘scan-to-pay’ becoming the primary method. In H1 2025, over 10 million inbound users were active on mobile payment platforms in China, driving a 162% rise in transaction volume and a 149% increase in transaction value year-on-year.
Next steps include deepening open cooperation in the cross-border payments sector, ensuring stable operation of payment infrastructure, maintaining strict industry regulation, and continuously optimizing payment services. These measures aim to strengthen the RMB cross-border payment system, support China’s goal of building a strong financial system and advance Chinese-style modernization.
Neutral
The announcement focuses on enhancing the RMB cross-border payment system and mainstream payment infrastructure, with no direct reference to cryptocurrency or blockchain-based solutions. Similar past upgrades to China’s payment networks, such as expansions of CIPS or digital yuan trials, have had minimal immediate influence on crypto markets. While stronger payment systems may indirectly support future on-chain settlement frameworks, this development primarily targets traditional finance. As a result, it is unlikely to drive significant short-term price movements in digital assets or shift long-term market trends directly.