The People’s Bank of China (PBOC) is actively enhancing its cross-border RMB payment system, aiming to improve efficiency and transparency for both domestic and international transactions. The initiative focuses on deepening collaboration and ensuring robust regulatory oversight through the Payment and Settlement Department. These actions support broader financial modernization goals, with potential impacts across various sectors. Experts anticipate increased mobile payments and wider use of the RMB in global financial markets. The PBOC’s commitment to these advancements is driven by a vision of a more integrated and interconnected Chinese financial system, aligning with national ambitions for modernization.