Chinese Central Bank Executes Record‑Breaking Cross‑Border CBDC Transactions via mBridge

A major Chinese bank has completed the largest cross‑border transactions to date on mBridge, a multilateral central‑bank digital currency platform, marking a significant milestone for the emerging payment network and advancing Beijing’s goal of internationalizing the yuan.

In June and July, the Bank of China’s Shenzhen and Fujian branches each executed transactions exceeding US$1.7 billion, demonstrating mBridge’s capacity to handle high‑value cross‑border settlements across multiple currencies and use cases, as reported by the lender.

In June, an outbound transfer of 11.3 billion yuan (approximately US$1.7 billion) was settled on the same day, delivering full value to a corporate client through a network that includes central banks from mainland China, Hong Kong, Macau, Saudi Arabia, the United Arab Emirates, and Thailand.

The following month, an inbound transaction denominated in Hong Kong dollars was processed from an overseas sender to an on‑shore corporate account in under 60 minutes, establishing a new platform record for transaction size, although the exact amount was not disclosed.

These landmark transfers underscore China’s strategic push to build alternative cross‑border clearing mechanisms, accelerating the international use of the renminbi while circumventing traditional Western‑centric financial infrastructures.

The mBridge initiative aims to transform cross‑border payments by leveraging blockchain technology to achieve faster settlement via CBDCs. Unlike conventional channels that rely on multiple intermediary banks—incurring high fees and delays—mBridge facilitates direct, peer‑to‑peer settlements.

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