China has completed its first cross-border digital yuan pilots with Hong Kong.
Wang Xin, director of the research bureau of the People’s Bank of China, said that the Hong Kong Monetary Authority and the PBoC have conducted technical tests on the cross-border use of China’s central bank digital currency.
They report that they will test China’s Digital Yuan in four cities
The official announced the news at a press conference held by the China State Council Information Office on Thursday, local news agency Sina Finance reports.
The news comes shortly after Mu Changchun, director of the PBoC’s digital currency research institute, proposed a set of global rules for CBDCs last week. At a Bank for International Settlements seminar, Mu called on global financial institutions to ensure the global interoperability of national digital currencies.
Major Asian Banks Come Together to Create Cross Border CBDC
“Interoperability between the CBDC systems of different jurisdictions and exchanges must be enabled. The PBoC had shared the proposals with other central banks and monetary authorities, ”said the official.
The latest news provides a significant update on China’s aggressive development of CBDCs. After debuting with internal digital yuan pilots in April 2020, the Chinese central bank has been actively seeking to transfer its CBDC expertise beyond its own jurisdiction.
China’s central bank plans pilot test for digital yuan involving payments in Hong Kong
As such, the PBoC joined with central bank authorities in Hong Kong, Thailand, and the United Arab Emirates to explore a cross-border CBDC in February 2021. In late 2020, an HKMA official claimed that the regulator and the PBoC were in preliminary stages of testing the digital yuan for cross-border payments.
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They report that they will test China’s Digital Yuan in four cities
Major Asian Banks Come Together to Create Cross Border CBDC
China’s central bank plans pilot test for digital yuan involving payments in Hong Kong
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