The Cyberspace Administration of China is soliciting public opinion and encouraging financial institutions to use the digital renminbi for cross-border payments.

In the context of the accelerated innovation of global digital assets and cross-border payments, the Chinese government is promoting the application of the digital yuan to a new stage. The Cyberspace Administration of China (CAC) has recently drafted the “Regulations on Promoting and Regulating the Application of Electronic Documents (Draft for Comments)” in conjunction with relevant departments, publicly soliciting social opinions. It clearly encourages Financial Institutions to explore the use of new payment methods such as the digital yuan for cross-border payments under the premise of compliance with laws and regulations and controllable risks, and to actively and prudently promote innovation in financial products and service models.

Background and Objectives of China's Policy

According to the WeChat public account “Internet Information China” on September 13, the purpose of this draft for soliciting opinions is to:

1. Promote the application of electronic documents.

2. Enhance the digitalization level of goods trade and transportation.

3. Reduce logistics costs for the entire society

4. Safeguarding the legitimate rights and interests of the parties and national security

Electronic documents include electronic bills of lading, electronic multimodal transport documents, electronic sea waybills, electronic railway freight documents, electronic air waybills, electronic warehouse receipts, electronic cargo insurance policies, etc., which can prove legal relationships such as transportation, warehousing, and insurance of goods in the form of data messages.

Digital Renminbi Cross-Border Applications Receive Policy Support

The draft for soliciting opinions has been put forward, allowing Financial Institutions to explore the use of new payment methods such as digital renminbi for cross-border payments based on the characteristics of electronic documents. Under the framework of the national data cross-border security management system, they are to provide cross-border business services to domestic and foreign users in accordance with laws and regulations, promoting the application of electronic documents in the fields of international trade and transportation.

This initiative resonates with the recent developments of the digital renminbi.

New Cross-Border Settlement: Chongqing Completes First Bilateral Cross-Border Settlement of Digital Renminbi between China and Singapore

Multilateral Central Bank Digital Currency Bridge: China Merchants Bank Beijing Branch launches the first digital RMB wallet withdrawal + cross-border remittance settlement via the multilateral central bank digital currency bridge.

Expansion of Consumption Scenarios: The General Office of the State Council has proposed to accelerate the application of digital renminbi in the field of sports consumption.

Official and Expert Opinions

The Director of the Digital Currency Research Institute of the People's Bank of China, Mu Changchun, stated at the 2025 Inclusion·Bund Conference that the digital renminbi measurement framework should be upgraded and that features such as coin串 and global unified ledgers should be utilized to provide higher quality monetary services for the real economy.

In addition, the People's Bank of China announced the establishment of a digital RMB international operation center at the Lujiazui Forum in June, promoting the internationalization of digital RMB operations and the development of financial market businesses, serving digital financial innovation.

Internationalization and Regulatory Balance

After the Hong Kong “Stablecoin Regulation” came into effect on August 1, the heat of the Asian digital asset market continues to rise. This policy signal from China means that while the government steadily advances the internationalization of the digital yuan, it will also incorporate cross-border payments into a more stringent Compliance and risk-controlled framework.

Although there have been media reports that China may launch a stablecoin pegged to the yuan to counter the dominance of the US dollar, the relevant news has not yet been officially confirmed.

Conclusion

The Chinese Cyberspace Administration's call for public opinion this time sends a clear signal: the application of the digital renminbi is gradually extending from domestic retail payments to broader international scenarios such as cross-border trade and electronic documents. As policies and infrastructure advance simultaneously, the digital renminbi is expected to occupy a more important position in the global payment system, while also testing the collaborative ability of regulation, Compliance, and technological innovation.