China has added 26 global financial institutions to its new digital yuan cross-border payment network, marking a significant push to get the central bank digital currency used for international settlements. The institutions are all Chinese bank branches based in Brazil, Qatar, Thailand, Hong Kong, and Macau, plus Standard Chartered's China branch. They'll operate through the People's Bank of China's Cross-border e-CNY Transfer Services, or CBETS.
Who's on the network
The 26 institutions are branches of Chinese banks located in five key financial hubs. Brazil, Qatar, and Thailand each host several branches. Hong Kong and Macau — both special administrative regions of China — are also on the list. Standard Chartered's China branch rounds out the group. The banks will connect to CBETS, a platform designed to handle cross-border payments in digital yuan.
What CBETS does
CBETS stands for Cross-border e-CNY Transfer Services. It's a payment infrastructure run by the People's Bank of China that lets institutions send and receive digital yuan across borders. The goal is straightforward: make the digital yuan a practical tool for banks and big companies moving money between countries. Right now, most cross-border payments rely on SWIFT or correspondent banking. China wants its own digital alternative.
Why the push matters
China has been testing the digital yuan — officially called e-CNY — for years, mostly for domestic retail use. This move shifts the focus to wholesale, institutional payments. By onboarding 26 branches across multiple continents, Beijing is signaling it wants the digital yuan used for trade finance, remittances, and other large-value transfers. The choice of countries is telling: Brazil is a major trade partner, Thailand is a key Southeast Asian economy, and Qatar is a global energy exporter. Hong Kong and Macau are already tightly linked to China's financial system.
What comes next
Standard Chartered's participation is notable because it's a foreign bank — even if only its China branch is on the network. That could open the door for other foreign lenders to join. The People's Bank of China hasn't announced a timeline for adding more institutions or expanding into new markets. But with 26 branches now live, the network is operational. The question is how quickly volume picks up — and whether other central banks will follow China's lead in building their own cross-border CBDC rails.
