China’s Central Bank Sets Sights on Global Renminbi Cross-Border Payments in 2026

• Accelerating RMB Cross-Border Payment Infrastructure
• Strict “Look-Through” and Functional Regulation
• Enhancing Financial Inclusion and Public Welfare
• Technological Innovation and Industry Upgrades

The People’s Bank of China (Zhongguo Renmin Yinhang 中国人民银行) just dropped a blueprint for the future of international payments.

On January 15, 2026, they convened their annual Payment and Settlement Work Conference—and the agenda signals a major shift in how China plans to reshape cross-border financial infrastructure.

Here’s what’s happening and why it matters for the global fintech landscape.

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What Went Down at the 2026 Payment Summit

The People’s Bank of China (Zhongguo Renmin Yinhang 中国人民银行) pulled together key stakeholders to chart the course for payment systems over the next 12 months.

Lu Lei (Lu Lei 陆磊), Deputy Governor and member of the Party Committee of the PBOC, led the discussions, anchoring the strategy in Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era.

The meeting wasn’t just a routine check-in—it was a strategic alignment session tied directly to:

• The Fourth Plenary Session of the 20th CPC Central Committee
• The Central Economic Work Conference
• National goals of building a “financial powerhouse”

Participants included officials from the PBOC’s various departments and branches, clearing institutions, and the Payment & Clearing Association of China (Zhongguo Zhifu Qingduan Xiehui 中国支付清算协会).

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2025: A Year of Major Payment Infrastructure Wins

Before looking ahead, the conference took stock of what actually got accomplished last year.

The PBOC payment departments made significant breakthroughs across several fronts:

• Cross-border payment systems reached new levels of security and efficiency
• Interoperability between domestic and foreign payment infrastructures achieved major milestones
• Regulatory frameworks got continuously upgraded
• Service standards improved across the board

The bottom line: the payment industry officially transitioned into what the PBOC calls “a new stage of high-quality development.”

This isn’t corporate speak—it’s a recognition that China’s payments ecosystem has matured enough to compete on the global stage.

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The 2026 Game Plan: Four Strategic Priorities

The PBOC laid out a clear roadmap for the year ahead.

These aren’t vague aspirations—they’re actionable priorities tied to the “15th Five-Year Plan” and the broader goal of establishing China as a genuine financial powerhouse.

Priority #1: Accelerating Renminbi Cross-Border Payment Systems

This is the headline priority.

The PBOC is accelerating construction of the Renminbi (RMB) cross-border payment system with a specific focus on promoting global interoperability.

What does this mean in practical terms?

• Building out a multi-tiered and diversified cross-border payment architecture
• Making it easier for international entities to transact in RMB
• Reducing friction and settlement times for cross-border flows
• Creating redundancy and resilience in the payment network

The strategic angle here is clear: if more international payments flow through RMB systems, China gains influence over global financial rails.

This ties into the broader Belt and Road Initiative and China’s long-term push to internationalize the Renminbi.

Priority #2: Strengthening Regulatory Supervision

The PBOC isn’t just building—they’re also clamping down.

The conference mandated strict “look-through” regulation for payment institutions and functional regulation for payment businesses.

What that means:

• Regulators will see all the way through payment chains to understand who’s actually moving money
• Rules will apply based on what a business *does*, not what it’s called
• Payment institutions face heightened administrative oversight
• The PBOC aims to balance oversight with industry self-discipline

The goal is fostering a “healthy, compliant ecosystem”—which in regulatory speak means cracking down on bad actors while giving legitimate players room to innovate.

Priority #3: Enhancing Financial Inclusion & Public Welfare

Beyond the high-level infrastructure play, the PBOC is doubling down on accessibility.

The conference emphasized:

• Optimizing payment services for the general public
• Advancing financial inclusion across different demographics and regions
• Ensuring payment methods remain convenient and secure for all users
• Maintaining long-term commitment to these goals

This is partly pragmatic (you need broad adoption to make a system work at scale) and partly political (financial inclusion is a stated policy priority).

Priority #4: Innovation-Driven System Upgrades

The final plank is about leveraging technology.

The PBOC wants to improve the efficiency and quality of payment system services through technological innovation to drive industry-wide upgrades.

This likely includes:

• Faster settlement times (potentially real-time or near-real-time)
• Integration with emerging tech like blockchain or distributed ledgers
• Better data analytics and fraud detection
• Mobile-first and digital-first payment solutions

The framing around “technological innovation” suggests the PBOC sees this as a competitive advantage—not just domestically, but globally.

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Why This Matters for Global Fintech & International Finance

On the surface, this is a Chinese central bank conference.

But the implications ripple much further:

• RMB internationalization: Faster, cheaper Renminbi cross-border payments make it easier for multinational corporations and international banks to use RMB instead of USD
• Reduced US dollar dominance: Every transaction that settles in RMB instead of USD is a small shift in the global financial architecture
• New payment rails: Multi-tiered, diversified systems create alternatives to existing SWIFT-based infrastructure
• Geopolitical positioning: A robust Chinese payment system is both economic infrastructure and soft power

For fintech founders, this signals that interoperability and cross-border payments will remain a hotly competitive arena in Asia.

For investors, it’s a reminder that China’s payment infrastructure is getting a serious upgrade—and that could unlock new opportunities in downstream financial services.

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The Bigger Picture: China’s “Financial Powerhouse” Vision

This conference is part of a larger strategic pivot.

China isn’t just building internal payment systems anymore—it’s building them to compete on the global stage.

The 15th Five-Year Plan and the goal of creating a “financial powerhouse” suggest the PBOC sees payment infrastructure as foundational to China’s broader economic and geopolitical ambitions.

When you control the pipes through which money flows, you gain leverage.

That’s what the PBOC is betting on—and why this 2026 roadmap around Renminbi cross-border payment systems matters beyond just the fintech bubble.

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References

• The People’s Bank of China Convened the 2026 Payment and Settlement Work Conference – People’s Bank of China
• Payment & Clearing Association of China Official Website – Payment & Clearing Association of China
• Cross-Border Interbank Payment System Services – CIPS