Data from the Hong Kong Interbank Clearing shows that the use of the yuan for real-time cross-border retail payments has reached its highest level since January. In July, transaction values hit 350.3 billion yuan, equivalent to approximately US$60 billion. This represents a significant 34% growth compared to the figures recorded in February.

Analysts suggest this trend points to an accelerating adoption of digital cross-border payment channels. The growth occurs despite the ongoing implementation of strict capital outflow controls by mainland Chinese authorities. The Faster Payment System (FPS) has become a primary vehicle for these transactions, facilitating faster settlement for users operating between the mainland and Hong Kong. While the data confirms a clear upward trajectory in volume, the report does not specify the exact breakdown of the types of transactions—such as individual retail spending versus commercial trade settlements—that are driving this surge.