How to evaluate the cross-border payment system? Zhou Xiaochuan believes that "adaptability" is more important than "instant settlement."

**　　【Caixin Net】** When former People’s Bank of China governor Zhou Xiaochuan discussed assessment criteria for cross-border payment systems, he said that a good payment system is not about a single technology or being a champion in one specific performance metric—just as instant payment is not necessarily “good.” The most important thing is “fit.”

He made the above remarks when attending the Boao Forum for Asia 2026 Annual Conference on March 26. Zhou Xiaochuan noted that some say a good payment system should pursue “funds received within 1 second” or “within a fraction of a second,” and even promote instant payments. However, most users’ transactions do not have such needs; sometimes, payment is made only after the goods are delivered.

Zhou Xiaochuan further analyzed that there needs to be a balance between payment convenience and compliance, and behind that lies regulatory fit.