Key takeawayAs China and Oman signed a local-currency swap agreement, the service network for renminbi cross-border payments and policies for corporate cash management were also expanding. Guosheng Securities is optimistic about growth in demand for related services.
What agreement did China and Oman sign?
- On 2 November 2026, the People’s Bank of China and the Central Bank of Oman signed a bilateral local-currency swap agreement worth 30 billion Chinese yuan / 1.5 billion Omani rials, with a term of 5 years.
- The two sides also signed a memorandum of understanding on the same day to strengthen cooperation in digital payments and central bank digital currencies. The agreements aim to deepen monetary and financial cooperation between the two countries and make cross-border digital payments more convenient.
What progress has been made in the cross-border payment service network?
- As of the end of 2025, the SCO Cross-border RMB Service Center had handled a cumulative total of more than 144 billion yuan in cross-border renminbi settlements since 2023. The report regards the Shanghai Cooperation Organisation framework as an important platform for advancing regional cross-border payments in local currencies.
- On the supply side, the report says the number of digital renminbi operators expanded to 30 in 2026. The Digital RMB International Operations Center completed a system upgrade, developed the CBETS integrated cross-border settlement service platform, and signed service agreements with 26 domestic and overseas institutions.
- In corporate cash management, a relevant notice issued in August 2026 expanded the scope of business support for small and medium-sized multinational companies, facilitated cash pooling and transfers, and simplified filing and registration procedures.
How does the institution view business demand, and what products do the companies offer?
- Sun Xingzhen of Guosheng Securities believes that, as the renminbi cross-border payment system develops and settlement capacity strengthens, local-currency settlement and cross-border economic and trade cooperation among member countries under the SCO framework are expected to expand, driving demand for cross-border payment-related services.
- Among the products listed in the report, Hundsun Technologies provides account, funds, trading and clearing system support for Cross-boundary Wealth Management Connect 2.0; Focus Technology’s payments division launched Global Pay, a one-stop cross-border foreign-exchange receipt and settlement product, in 2021. The two products serve cross-border investment and foreign-exchange receipt and settlement needs, respectively; the article does not directly link them to the latest China-Oman agreement.
