How to evaluate the cross-border payment system? Zhou Xiaochuan believes that "adaptability" is more important than "instant settlement."

WealthCoffee

2026-03-28 00:34:39

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**　　【Caixin】** Former Governor of the People’s Bank of China Zhou Xiaochuan commented on the evaluation criteria for cross-border payment systems, stating that a good payment system is not just a champion in a single technology or performance area; just like instant payment may not necessarily be good, what matters most is “adaptability.”

He expressed this viewpoint while attending the Boao Forum for Asia Annual Conference 2026 on March 26. Zhou Xiaochuan pointed out that some people say a good payment system should strive for “one-second settlement” or “sub-second settlement,” and even advocate for instant payments. However, most users do not have such demands when making transactions; sometimes, payment is only made after the goods have arrived.

Zhou Xiaochuan further analyzed that there needs to be a balance between the convenience of payment and compliance, which reflects regulatory adaptability.

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