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China Expands Digital Yuan Network with First CBETS Payment to Singapore

Guavy AI Editorial Team
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China has expanded its digital yuan network by completing its first CBETS payment to Singapore. The transaction, carried out by Industrial and Commercial Bank of China (ICBC), involved settling nearly 10 million yuan in import shipping fees for a Chinese trading company importing iron ore.

The funds were transferred through the CBETS platform, which enables same-day digital yuan cross-border settlement and transfers. This marks a significant step forward in China's efforts to strengthen its international payment infrastructure.

CBETS is a digital settlement platform that operates under the Digital RMB International Operation Center. Authorities upgraded CBETS in 2026 after integrating several digital yuan infrastructure platforms, combining cross-border payments, blockchain services, and digital asset functions into one network.

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