China explores digital yuan for cross-border transactions

China is exploring ways to use its digital currency yuan for cross-border transactions to meet market demand, the central bank said on Thursday.

China's central bank the People's Bank of China (PBOC) has worked with the Hong Kong Monetary Authority (HKMA) on the technical testing of using the digital yuan for cross-border payments on the Chinese mainland and Hong Kong, Wang Xin, a PBOC official, told a press conference.

For this purpose, the PBOC is also cooperating with the HKMA, and central banks of Thailand and the United Arab Emirates in a multilateral research project, Wang said.

China's digital yuan testing is making steady progress, with more test scenarios coming into use.

Several Chinese cities, including Beijing, Shenzhen and Suzhou, have piloted the digital currency since last year.

(Cover: VCG)

Source(s): Xinhua News Agency

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