China’s central bank has signalled fresh political backing for multilateral central bank digital currency bridge projects, tying cross-border digital payments to a broader push to support trade and financial integration along the Western Land-Sea New Corridor.
Speaking at a press conference on December 25, Wang Xin, head of the research bureau at the People’s Bank of China, said new policy guidance encourages provinces and municipalities along the corridor to participate in multilateral CBDC bridge initiatives. The remarks accompanied the release of official opinions on financial support for accelerating construction of the trade and logistics corridor.
The Western Land-Sea New Corridor spans more than a dozen Chinese regions across eastern, central, and western China, linking inland manufacturing hubs with coastal ports and Southeast Asian markets. According to the PBOC, the financial measures aim to reduce bottlenecks in cross-border settlement, financing, and data sharing for firms operating along the route.
Support for CBDC bridge participation is framed as part of a wider package of reforms. These include expanding yuan-denominated cross-border settlement, piloting integrated onshore and offshore cash pooling for multinational companies, and building digital financial platforms that combine logistics, payment, and financing data to deliver “one-stop” services for businesses.
Importantly, the policy does not promote unilateral overseas use of China’s digital yuan. Instead, it emphasises multilateral cooperation between central banks, suggesting a focus on shared infrastructure and interoperability rather than currency export. This approach aligns with China’s previous messaging on cross-border CBDC work, which has highlighted experimentation within international frameworks rather than direct rollout.
For European policymakers and payment industry observers, the announcement underlines how major economies increasingly view CBDCs as strategic infrastructure for trade and payments. While details on specific projects or timelines were not disclosed, the explicit endorsement of multilateral CBDC bridges signals that cross-border digital settlement remains firmly on China’s policy agenda.