In remarks at the 15th China Payment and Clearing Forum, People’s Bank of China Deputy Governor Lu Lei described progress in expanding cross-border payment connectivity and urged the industry to balance innovation with security as artificial intelligence reshapes payments. Mainland China-Hong Kong Cross-boundary Payment Connect is operating steadily, links with payment infrastructure in jurisdictions including the United Arab Emirates are advancing, and a unified cross-border QR gateway now enables domestic wallets to be used overseas. This builds on broader bilateral connectivity efforts, including the cross-border QR payment link launched with Indonesia. An integrated e-CNY cross-border settlement service platform has also gone live, providing a clearing channel for digital renminbi transactions. Together with commercial banks’ domestic and overseas clearing systems and compliant participation by eligible nonbank payment institutions, these initiatives are creating a multilayered cross-border payments market. Lu called on market participants to implement the self-regulatory convention for agentic payment applications, strengthen consumer protection and risk controls, and preserve diversity in payment tools and the wider ecosystem.
2026-08-27Central Bank of the Republic of China
People’s Bank of China reviews cross-border payment expansion and calls for safeguards in AI agent payments
People’s Bank of China Deputy Governor Lu Lei reviewed progress in cross-border payment connectivity, including links with Hong Kong and the United Arab Emirates, a unified QR code gateway and a digital renminbi clearing platform. He urged payment providers to apply safeguards for AI agent payments, protect consumers and strengthen risk controls.