Guangdong has published a draft development plan for the China (Guangdong) Pilot Free Trade Zone that places cross-border digital yuan use among a wider set of financial opening measures. The proposal calls for larger pilot programs for cross-border e-CNY payments while also backing new cross-border financial products, fintech testing and offshore finance initiatives.
The draft arrives shortly after what was described as China’s first cross-border digital yuan payment with Singapore through the upgraded CBETS platform. Authorities are accepting public comments on the Guangdong plan until Sept. 5, 2026, before it is finalized.
Digital yuan linked to broader financial opening
The proposal presents cross-border digital yuan payments as one part of a broader push to expand financial activity inside the free trade zone. It says Guangdong wants to enlarge financial opening measures, support more digital yuan application scenarios and widen trials for cross-border e-CNY payments.
The same package includes plans to broaden use of the Cross-boundary Wealth Management Connect scheme and to improve the range of financial services available in the zone. The draft also mentions offshore finance, green finance, cross-border wealth management, venture capital, asset management and futures trading as areas for development.
New products and pilot programs inside the zone
Under the draft, financial institutions operating in the free trade zone would be encouraged to develop products such as cross-border supply chain finance and intellectual property pledge financing. Guangdong also proposes pilot programs for cross-border credit asset transfers and multi-currency accounts.
Those measures are intended to improve interoperability between cross-border financial products, according to the proposal. The province also said fintech regulatory pilots would be upgraded as part of its wider financial development agenda.
Push to attract institutions and expand trading capacity
Beyond payments, the draft says Guangdong wants to attract international financial institutions to set up regional headquarters in the free trade zone. It also points to accelerating projects including the Greater Bay Area International Commercial Bank and the Guangdong-Hong Kong-Macao Greater Bay Area Insurance Service Center.
The proposal further seeks to expand commodity trading in products such as iron ore, crude oil and rubber. It also calls for stronger coordination between spot and futures trading as a way to improve pricing capabilities.
Recent Singapore payment adds momentum
The Guangdong proposal follows a recent cross-border digital yuan transaction involving Singapore via the upgraded CBETS platform. In that case, nearly 10 million yuan in import shipping fees were settled entirely in digital yuan, in what was described as China’s first such cross-border payment.
According to the source report, the platform connects payment and collection services between China, Singapore and Laos. It has also signed direct participant agreements with multiple financial institutions, a step that expands overseas participation.
Consultation period runs until September
For now, the Guangdong free trade zone plan remains a draft rather than a final policy. Public comments are being collected and revisions are due before Sept. 5, 2026.
The next confirmed step is the end of that consultation period, after which the proposal can be revised and finalized. Until then, the expansion of cross-border digital yuan pilots and the other financial measures remain planned rather than adopted.
Source: crypto.news