- China completes first-ever cross-border precious metals settlement with e-CNY CBDC.
- Active involvement in digital yuan testing, facilitating diverse CBDC transactions.
- President Xi emphasizes CBDCs in cross-border trade; foreign banks join China’s trials.
In a groundbreaking move, China has successfully completed its inaugural cross-border settlement for precious metals through the use of the digital yuan central bank digital currency (CBDC), commonly known as the e-CNY. The Bank of China‘s Shanghai branch executed a seamless 100 million yuan ($14 million) e-CNY CBDC settlement for gold on the Shanghai Financial Exchange International Board.
This achievement represents a significant stride in China’s ongoing efforts to encourage the adoption of its digital currency on the global stage. The Bank of China emphasized the transaction’s importance in supporting Shanghai’s free trade pilot zone strategy and elevating the status of the international trade center.
Actively participating in digital yuan pilot testing, the Bank of China Shanghai has facilitated diverse transactions using the CBDC, ranging from importing iron ore to collaborating with foreign institutions like Standard Chartered to advance digital yuan development.
Chinese President Xi Jinping has underscored the pivotal role of CBDCs in facilitating cross-border trade, attracting involvement from various foreign banks in China’s ongoing CBDC trials. Singapore has recently announced plans to allow Chinese tourists to utilize digital yuan during their visits.
Notably, on December 1, China formalized a $400 million memorandum on CBDC cooperation with the United Arab Emirates, marking another stride in its expanding international influence. Last month, the Shanghai Petroleum and Natural Gas Exchange successfully settled its initial oil deal using the e-CNY, further solidifying China’s commitment to advancing digital currency applications across different sectors.
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