[PBOC Deputy Governor Lu Lei: Cross-border payment risks intensify, virtual currencies become channels for illegal fund transfers] Lu Lei, Deputy Governor of the People's Bank of China (PBOC), stated at the 14th China Payment and Clearing Forum that significant progress has been made in the interconnection of cross-border QR code payments. Alipay and Ant International, subsidiaries of Ant Group, have become the first institutions to participate in the pilot program for the unified gateway business of cross-border QR codes. He pointed out that systemic risks in the payment industry are on the rise, with the expansion of cross-border capital flows and increased frequency providing convenience for illegal activities such as money laundering and terrorist financing. Some overseas illegal platforms are using virtual currencies and underground banks as channels to transfer funds, resulting in a "resonance" of risks between domestic and international markets, posing severe challenges to China's foreign exchange management and financial security.