China is building overlapping cross-border payment channels—an interest-bearing e-CNY framework, CBETS, mBridge and an expanded CIPS—to deepen renminbi use and lessen reliance on dollar infrastructure, though retail e-CNY adoption remains weak. CIPS processed 7.7 million transactions worth 182.8 trillion renminbi from January through October, and the PBOC governor argued that counting such settlements raises the renminbi’s international payments share.