Guangdong has proposed expanding cross-border digital yuan payment pilots as part of a draft development plan for the China (Guangdong) Pilot Free Trade Zone. The plan aims to enlarge financial opening measures while supporting more digital yuan use cases and expanding trials for cross-border e-CNY payments. According to the draft, the province intends to support offshore finance, green finance, cross-border wealth management, and other financial services within the free trade zone.
Financial Proposals
The draft calls for expanding application scenarios for the digital yuan and supporting larger pilot programs for cross-border digital yuan payments. It also proposes allowing financial institutions to develop products including cross-border supply chain finance and intellectual property pledge financing.
Recent Developments
This proposal follows several recent developments in China's cross-border digital yuan infrastructure, including the completion of the country's first digital yuan cross-border payment with Singapore. The payment, which settled nearly 10 million yuan in import shipping fees, was completed through the Digital Currency Express comprehensive settlement platform.
