China's People's Bank of China has enrolled 26 new financial institutions into its digital-yuan (e-CNY) network, focusing on cross-border payment capabilities. The expansion targets trade partners including Singapore, Thailand, Hong Kong, UAE, and Saudi Arabia, with the strategic goal of reducing reliance on the dollar-based correspondent-banking system. Domestically, e-CNY transactions reached 3.48 billion in number and ~16.7 trillion yuan (~$2.37tn) in value by end of November 2025. New features like interest-bearing digital-yuan wallets are being introduced to encourage holding. Cross-border settlement remains the harder challenge, touching sanctions regimes and capital controls, but the direction of travel is clear.
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