China expands digital yuan trials for cross-border payments

China has expanded pilot programs of its digital yuan (e-CNY) to include more cross-border payment scenarios, according to financial authorities. The move allows selected banks and companies to use the digital currency for international trade settlements and tourism-related transactions. Officials said the initiative aims to reduce transaction costs, improve payment efficiency, and strengthen the global usability of China’s central bank digital currency. Experts believe the expansion could accelerate competition among global digital payment systems and challenge traditional cross-border settlement mechanisms dominated by existing financial networks.