Merchants who export daily necessities often suffer from a common problem: when goods are sent overseas, when overseas buyers pay for goods through traditional agency channels, messages are transferred layer by layer. Merchants are completely unable to track the circulation nodes of the payment and estimate the arrival time. They can only wait passively. They may also face the risk of shrinking profits caused by exchange rate fluctuations when the payment arrives.
Whether the cross-border payment link can be more transparent and smoother is a common expectation of foreign trade merchants and overseas buyers.
This pain point that has plagued the industry for a long time is now expected to be solved through the digital renminbi cross-border exclusive infrastructure “Shubida”.
At present, Laos’ national payment network LAPNet has completed interconnection with “Shucoida”. Through this system, domestic merchants on the RMB side and overseas buyers on the local currency side can complete payment collection and payment in the local currency system respectively. The two currency systems make point-to-point simultaneous settlements. The exchange rate and the amount received are locked on the spot. All information will be pre-verified before payment, which avoids the problem of repeated returns and modifications of incorrect information from the source.
Merchants can also check the full-link circulation status of payment in real time on the terminal, completely breaking the black box of “losing contact after remittance” in cross-border remittances in the past.
Cross-border payment “highway” officially opened to traffic
On June 16, 2026, at the opening ceremony of the China International Financial Exhibition, the Digital RMB International Operation Center signed the “Digital RMB” direct participant service agreement with the first batch of 26 domestic and foreign financial institutions. The business scope of this group of institutions covers Hong Kong, China, Macau, Singapore, Laos, Thailand, the United Arab Emirates, Qatar, Brazil and other countries and regions, including the first participating foreign bank.
The person in charge of the relevant agency said that efficient, convenient and compliant cross-border payment experience will further enhance the international use of RMB.
This signing is regarded by the industry as the “opening ceremony” of the digital RMB cross-border payment system: Previously, cross-border digital RMB applications were mostly in the pilot and demonstration stages. After the signing of this agreement, the first batch of market entities will be able to officially use this infrastructure to conduct business.
The interconnection logic of “not demolishing old roads to build ramps”
At the 2026 Summer Davos Forum, the relevant person in charge systematically explained the construction logic of this cross-border payment system for the first time: At present, global central bank digital currencies, stable coins and various cryptocurrencies are developing rapidly, and global cross-border payments have entered a new stage. However, the industry is obviously fragmented, raising compliance, technology and docking costs. This is the starting point of this infrastructure construction.
“Shucoin” adopts a “center-spoke” interconnection model, allowing participating institutions to reuse existing network links and local standards as much as possible, minimize redundant investment, and achieve “one-point access, one-stop connection”.
To put it simply, this system will not forcibly replace the existing local payment networks in each country, but will build standardized interoperable ramps based on existing roads. It is positioned to supplement and empower the existing financial market infrastructure, rather than replace it.
Not only a payment method, but also a complete ecological construction
From the overall layout, what is currently being promoted is not just a cross-border payment channel, but a complete ecosystem that supports the cross-border operation of digital renminbi.
At present, the core framework of this ecosystem has basically taken shape: the entrance is located in Hong Kong, and overseas participants can achieve “one-point access” through the Hong Kong access point. The operation headquarters is located in Lujiazui, Shanghai. “Digital” serves as the core interconnection infrastructure to realize the docking of different payment networks.
In order to make the RMB in cross-border circulation “willing to stay”, supporting policies are also being implemented simultaneously: starting from January 1, 2026, the digital RMB will be upgraded from “cash type 1.0” to “deposit currency type 2.0”, and the real-name wallet balance will be based on current demand.
Deposit interest rates are calculated and included in deposit insurance protection; in April, the number of digital renminbi operating institutions was expanded from 10 to 22, with city commercial banks entering the game for the first time; in June, a revised draft of the “People’s Bank of China Law” was submitted for review, clarifying the legal tender status of digital renminbi.
In addition, tools to support RMB asset allocation and risk management are also being launched: overseas central bank repurchase tools provide central bank-level liquidity backing for overseas institutions holding Chinese government bonds. The Shanghai Free Trade Zone has launched a pilot program for offshore RMB foreign exchange transactions. Hong Kong will launch 5-year RMB government bond futures to further enrich the supply of offshore RMB bonds and derivatives and meet the liquidity supplement, exchange rate hedging, and asset allocation needs of overseas RMB holders.
Currently, this ecosystem has been officially connected to two routes in Hong Kong, China and Laos. Pilot projects in Singapore, Macau, China and other places are in progress. The business of 26 participating institutions can cover multiple emerging markets.
As participating institutions expand, supporting tools move from pilot to regular implementation, and the cross-border compliance supervision system gradually improves, this ecosystem that supports the cross-border operation of digital renminbi will continue to iterate and promote the development of the global cross-border payment system in a more efficient, safer, and more inclusive direction.
