Renminbi Digital (cross-border settlement system)

History

2025: China Launches Own SWIFT Alternative for Digital Yuan

In China, the Renminbi Digital digital currency cross-border settlement system was launched. This was announced at the end of October 2025 by the co-chairman of the Russian part of the Russian-Chinese Committee for Friendship, Peace and Development Boris Titov.

He clarified that the system is an alternative for international payments, similar to SWIFT, but functioning on the basis of the digital yuan. According to Titov, the digital yuan is a tokenized currency operating under the Chinese state blockchain. The issuer of the digital yuan is the People's Bank of China. Commercial banking institutions and accredited operators provide customer access to the system, and international communication channels integrate infrastructure. Titov also noted that by the end of October 2025, the use of Renminbi Digital is limited, but the system is available in ASEAN states, the Middle East, the Russian Federation and other CIS countries.

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Фото: Unsplash

In 2025, a turnover equivalent to more than $90 billion (in digital yuan, of course) has already passed through the system, he stressed.

According to the People's Bank of China, the volume of transactions in the digital yuan has almost doubled in 14 months, reaching 14.2 trillion yuan ($2 trillion) by September 2025. For comparison, in July 2024, this figure was 7.3 trillion yuan.

According to Ledger Insights, since the launch of the CBDC pilot program (Central Bank digital currency), the average transaction size has been kept at a relatively stable level, amounting to 428 yuan. This indicator is significantly inferior to the maximum value recorded in 2023, when it reached 1895 yuan ($135 at the exchange rate as of October 27, 2025). Ledger Insights analysts believe that the high average volume of transactions in 2023 indicated a greater use of digital currency for commercial purposes.^[1]

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