Six Chinese state-owned banks have been approved to conduct offshore RMB business in the Shanghai Free Trade Zone, while the PBOC signed agreements with 26 financial institutions to advance digital yuan cross-border payments. Digital yuan wallets will start accruing interest from January 1, 2026, and China continues to ban unauthorized RMB stablecoins.

The People’s Bank of China and several other authorities have issued an action plan for developing offshore finance at the Shanghai International Financial Center, including measures related to digital yuan cross-border, offshore and blockchain infrastructure.