If the receiving bank handles it quickly, it can be credited the next day.
I suggest you contact China Merchants Bank for remittance receipt immediately.
I have been engaged in international remittance business before. This situation is generally due to the wrong payment path of the other bank or the wrong payee information.
I work in a bank. Have questions to ask. If you are satisfied, please click "Satisfied Answer" and respect the work of others. Thank you.