China’s Digital Yuan Goes Global: 16-Nation CBDC Deal—Breakthrough or Bluster?

Beijing’s central bank digital currency (CBDC) makes a power play—signing agreements with 10 ASEAN nations and 6 Middle Eastern oil economies. The move bypasses SWIFT, but skeptics note the fine print: ’memorandums of understanding’ aren’t binding contracts.

Key details remain hazy—no transaction volumes, no timelines, just the usual geopolitical theater. Meanwhile, Western banks still can’t decide if crypto is a threat or a PR stunt.

One thing’s clear: when fiat goes digital, the real currency is influence.

How China’s CBDC Deal with ASEAN and Middle Eastern Countries Could Shape the Future of Digital Currency

The claimed China CBDC deal would certainly transform blockchain technology adoption across various regions, but actually examining the available facts right now reveals a somewhat different story about CBDC adoption in ASEAN and Middle Eastern countries than what’s being reported.

The Facts Behind the China CBDC Reports

Several reports about a China CBDC deal have mysteriously disappeared from their original sources, which is definitely worth noting. Ledger Insights, which monitors Chinese language news daily, stated:

China is indeed involved in mBridge, which is a cross-border CBDC initiative with Hong Kong, Thailand, UAE, and also Saudi Arabia that has conducted over 160 transactions worth around $22 million so far.

Real CBDC Progress vs. Exaggerated Claims

The Bank of China has actually facilitated real cross-border transactions using the digital yuan, including a 100 million RMB gold trade between Shanghai and Hong Kong. China has also, at the time of writing, established currency swap agreements with over 30 countries to promote yuan internationalization.

Former People’s Bank of China deputy governor Li Bo previously addressed concerns:

FIA Director Sumera Azam commented on digital finance:

The Verdict on the China CBDC Deal Reports

Ledger Insights concluded their analysis with a pretty direct assessment:

While the specific China CBDC deal with 10 ASEAN and 6 Middle Eastern nations appears to be misinformation, China continues leading major economies in CBDC implementation and blockchain technology development. The digital yuan’s somewhat gradual expansion through mBridge represents real CBDC adoption progress, even as these exaggerated reports should probably be viewed with a healthy amount of skepticism.