Lu Lei: Exploring new solutions for cross-border payments using the digital yuan and building a dual platform combining blockchain and digital assets.

On November 3, Lu Lei, Vice Governor of the People's Bank of China (PBOC), stated at Fintechweek 2025 in Hong Kong that, looking to the future, the PBOC will explore new solutions for cross-border payments using the digital yuan.

The principles of seamlessness, compliance, and interoperability have become fundamental principles for the construction of legal digital currency infrastructure. The PBOC is actively working with all parties to explore open, inclusive, and innovative cross-border payment solutions to support the high-quality development of the digital economy.

Firstly, it will promote multilateral central bank digital currency (CBDC) bridge cooperation to explore new paradigms for cross-border payments. The PBOC, together with the Hong Kong Monetary Authority and other monetary authorities, has jointly explored and formed a multilateral cooperation model based on CBDC bridges.

This model connects the payment systems and legal digital currency systems of various economies based on central bank contractual equality governance and blockchain architecture, enabling second-level direct cross-border payments in multiple currencies.

Secondly, it will rely on the digital yuan cross-border payment platform to provide solutions for central bank digital currency (CBDC) cross-border payment cooperation. The People's Bank of China (PBOC) provides a bilateral cooperation model based on the digital RMB cross-border payment platform, flexibly supporting cross-border interconnection with various monetary authorities' systems, and enabling users to enjoy a digital experience in intelligent cross-border consumption, trade, and investment.

Thirdly, it is building a dual platform of blockchain and digital assets to activate a new engine for the value internet. The PBOC has launched a digital RMB blockchain service platform and a digital asset platform.

Through the mutual linkage of these two platforms, under the premise of controllable risks from homogeneous supervision, it can explore asset digitization innovations that are conducive to improving regulatory efficiency and transparency, enhancing the efficiency and transparency of value transfer, promoting the efficient flow and optimal allocation of economic factors, and empowering the value internet.