Back

China Issues Guidelines to Advance Digital Finance and CBDC Cooperation

ICBC’s pilot projects in Singapore, Laos, and Shandong mark the first practical cross-border uses of the digital yuan under China-Singapore JCBC cooperation and international trade remittance initiatives.

Fact Check
The evidence strongly supports the statement that China has issued guidelines or official communications to advance digital finance and CBDC cooperation. The most compelling evidence comes from an academic report that directly cites a primary source: the People's Bank of China's (PBoC) 2023 white paper, "Progress of Research & Development of E-CNY in China." A white paper from a central bank is an authoritative document that outlines official strategy, policy, and development progress, effectively serving as a guideline for the nation's CBDC project.This is further corroborated by an industry newsletter reporting on a specific e-CNY cooperation pilot between China and Singapore. The existence of such a pilot program necessitates official agreements, measures, or frameworks that guide the cooperation, which aligns with the statement's claim. While other sources provide secondary analysis or focus on domestic policy, they consistently reinforce the idea that advancing the digital yuan (e-CNY) is a strategic priority for China, both domestically and for international trade. There is no contradictory evidence presented in the sources. The combined weight of a cited primary source from the PBoC and a concrete example of international cooperation makes the statement highly likely to be true.
Summary

The Industrial and Commercial Bank of China (ICBC) announced pilot programs for cross-border digital yuan payments. Its Singapore branch conducted an overseas recharge trial within the 2025 China-Singapore JCBC cooperation framework, while the Vientiane and Shandong branches completed the first China-Laos international trade remittance using the digital yuan. These developments demonstrate early practical applications of China’s CBDC in cross-border contexts, complementing the PBOC’s broader strategy to integrate western provinces into the multilateral CBDC Bridge and deepen China-Singapore green finance collaboration.

Terms & Concepts
  • CBDC (Central Bank Digital Currency): A digital form of a nation’s currency issued and regulated by its central bank.
  • Cross-border payments: Financial transactions in which the payer and recipient are located in different countries, often involving currency exchange.
  • CBDC Bridge: A multilateral cross-border payment platform using central bank digital currencies to facilitate international transactions.