Pan Gongsheng, the governor of the central bank, stated at the 2025 Lujiazui Forum that new technologies are accelerating in the field of cross-border payments. New technologies such as blockchain and distributed ledger are driving the vigorous development of central bank digital currency stablecoins, reshaping the traditional payment system from the bottom up, greatly shortening the chain of cross-border payments, and also posing huge challenges to financial regulation. Technologies such as smart contracts and decentralized finance will also continue to drive the evolution and development of the cross-border payment system.
