What happened in China Two fintech plot twists arrived from China in quick succession, and they point in opposite directions. First, the People's Bank of China has effectively abandoned the e-CNY as a true central bank digital currency. According to the Peterson Institute for International Economics (PIIE), a major redesign means the digital yuan will now remain a liability on the balance sheet of the commercial bank or payment company where it is held — just like a regular deposit. That removes its defining characteristic as a CBDC. PIIE characterises the move as convergence with a broader global trend of central banks stepping back from more divisive retail CBDC architectures. Second, and moving in the opposite direction entirely, Alipay and WeChat Pay have quietly opened their infrastructure to international users. Since late 2025, foreigners can register on either platform using their home mobile numbers and bind most international credit…