A major Chinese bank has completed the largest cross-border transactions to date using mBridge, a multilateral platform for central bank digital currencies (CBDCs). The Bank of China’s branches in Shenzhen and Fujian each handled a transaction worth more than US$1.7 billion in June and July, respectively. These settlements demonstrate mBridge’s ability to support high-value international payments. The platform, which involves multiple central banks, is seen as a step forward for China’s efforts to promote the global use of the yuan. mBridge allows direct digital currency exchanges between participating countries, reducing reliance on traditional banking systems. The Bank of China did not disclose the specific counterparties or the exact amounts beyond stating they exceeded $1.7 billion. The transactions mark a milestone for the emerging payment network and highlight progress in Beijing’s push for yuan internationalization. CBDCs are digital versions of national currencies, and mBridge aims to make cross-border payments faster and cheaper. The platform currently includes central banks from China, Thailand, the United Arab Emirates, and Hong Kong, with other countries showing interest in joining. This development comes as China continues to expand its digital currency trials and seeks to increase the yuan’s role in global trade and finance.