China rolls out digital yuan framework for cross-border trade settlement
China's digital RMB international operation centre launched CBETS LIFT in Nanning, a framework for cross-border trade settlement and financing, with Lao banks beginning to connect.
China has introduced a new digital yuan service aimed at cross-border trade settlement and financing, unveiled at a China-ASEAN financial forum in Nanning, in the southern region of Guangxi.
The service, called CBETS LIFT, was launched on Friday by the international operation centre for the digital RMB, which was set up by the People's Bank of China. It runs through the centre's Cross-border e-CNY Transfer Services platform, known as CBETS.
According to the centre, the framework is intended to reduce friction in cross-border payments and trade finance. It brings domestic financing, cross-border payments and receipts, offshore investment and the repatriation of funds to China under a single structure.
The service also links trade data, payment flows and transaction documents spanning trade, shipping, freight and financing activity.
CBETS LIFT has already been tested in a number of live transactions covering both imports and exports. Its rollout coincides with the introduction of cross-border digital-payment links between China and Laos, with some Lao banks connecting to CBETS and beginning to offer the service.
The launch was marked at the China-ASEAN Financial Cooperation and Development Forum, held alongside the China-ASEAN Expo in Nanning.