Reuters reported that China's Digital Yuan Operations Center, established by the People's Bank of China (PBOC), signed a participation agreement with 26 financial institutions in Shanghai. The media explained, "This agreement is a measure to promote low-cost, high-efficiency cross-border payments and increase the global use of the yuan. Participating institutions will join the Cross-Border e-CNY Transfer Service (CBETS). CBETS is an integrated payment platform that supports 24-hour digital payments with overseas central banks and financial institutions. Meanwhile, the PBOC is promoting the expansion of its domestic and international use, including additionally approving 12 banks to handle digital yuan last March."
