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

**　　【Caixin Net】** Former Governor of the People’s Bank of China Zhou Xiaochuan, when discussing evaluation criteria for cross-border payment systems, said that a good payment system is not a single technology or a champion in any one performance metric. Just as instant payments are not necessarily good, the most important thing is “fit” or “adaptation.”

He made the above remarks on March 26 when attending the 2026 Annual Meeting of the Boao Forum for Asia. Zhou Xiaochuan noted that some people say a good payment system should pursue “funds credited within 1 second” or “within a fraction of a second,” and even advocate instant payments. However, in most cases, users’ transactions do not have such requirements; sometimes, payment is made only after the goods have arrived.

Zhou Xiaochuan further analyzed that there needs to be a balance between the convenience of payments and compliance. Behind this is regulatory fit or adaptation.