Core Insights - The 2025 China International Service Trade Fair (CIFTIS) showcased the growing popularity and application of digital renminbi, which has been featured for five consecutive years [1][2] - The People's Bank of China reported that as of July 2024, the digital renminbi app had opened 180 million personal wallets and facilitated transactions totaling 7.3 trillion yuan [1] - Digital renminbi is expanding its use cases beyond consumer payments to include enterprise procurement, payment settlements, internal risk control, and payroll [1][2] Group 1: Digital Renminbi Applications - Industrial and Commercial Bank of China (ICBC) demonstrated the use of digital renminbi in construction and cross-border trade, enhancing payment efficiency and security for workers [2] - The digital renminbi's programmability is aiding supply chain finance by addressing issues related to identity verification and credit guarantees for small and micro enterprises [2] - The Central Bank's report highlighted the establishment of replicable application models for digital renminbi across various sectors, including retail, healthcare, and green finance [2] Group 2: Cross-Border Financial Services - ICBC has expanded its global presence, with 413 overseas institutions in 69 countries, including 250 branches in 30 Belt and Road Initiative countries, facilitating 24/7 renminbi clearing services [3] - The use of digital renminbi in cross-border transactions is increasing, with financial institutions accelerating their global strategies to support Chinese enterprises going abroad [3] - China UnionPay is integrating AI into cross-border payment solutions, enhancing user experience and payment efficiency [4][5] Group 3: Regulatory Developments - The National Internet Information Office is drafting regulations to promote the use of electronic documents in trade and finance, encouraging the adoption of digital renminbi for cross-border payments [5] - The regulations aim to enhance the digitalization of business processes and improve industry efficiency [5]