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

**　　【Caixin Global】** When Zhou Xiaochuan, the former governor of the People’s Bank of China, discussed evaluation criteria for cross-border payment systems, he said that a good payment system is not a single technology or the champion in any one metric; just as “instant payment” is not necessarily good, the most important thing is “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 argue that a good payment system should pursue “funds到账 within 1 second” or “within a few tenths of a second,” and even advocate instant payment. However, when users make transactions, most of the time they do not have such needs; sometimes they even pay only after the goods are delivered.

Zhou Xiaochuan further analyzed that convenience in payments needs to be balanced against compliance; behind this is regulatory fit.