China’s Digital Yuan Takes Global Steps: How It’s Challenging SWIFT

China is aggressively pushing its digital yuan (e-CNY) across international borders, leveraging technological advancements and ambitious policy initiatives to challenge traditional financial systems. A recent report highlights the impact of this push on global payments, showcasing how e-CNY aims to facilitate seamless cross-border transactions. 17 banks in Hong Kong have integrated the system via the Faster Payment System (FPS), a platform connecting users directly to a central bank digital currency. This is just one example of China’s strategy for driving growth and facilitating international trade.