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

**　　【Caixin Media】** When former People’s Bank of China governor Zhou Xiaochuan discussed evaluation criteria for the cross-border payment system, he said that a good payment system is not the winner in any single technology or a champion of any single performance metric; just as instant payment is not necessarily “good,” the most important thing is “fit.”

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

Zhou Xiaochuan further analyzed that there must be a balance between the convenience of payments and compliance, and what this reflects is regulatory fit.