China tests cross-border digital yuan transactions

The People’s Bank of China (PBoC) is exploring cross-border applications for the digital yuan with Hong Kong, according to reports by Sina Finance on Thursday.

China is continuing its push towards a full-scale launch of its digital yuan, after both Japan and China offered new insight into the pace of development last week.

PBoC research bureau director Wang Xin said that the Hong Kong Monetary Authority and the central bank have been running a series of technical tests to see if digital yuan can be used across the border.

This comes in the context of a busy few weeks for central bank digital currencies (CBDC) globally. Last week, PBoC digital currency research institute head, Mu Changchun, extolled the virtues of the Chinese digital currency and argued that a global set of rules binding these assets should be established.

He argued that whatever the currency, interoperability should be enabled between CBDC systems. Much the way it works in the current financial system. China is keen on pushing the digital yuan beyond its own borders and Hong Kong, which is now beginning the process of returning back to China, is a perfect pilot region for that.

The digital yuan is another way for soft power to be imposed by Beijing which has been taking on ambitious economic projects, including a new Silk Road and deeper economic involvement in Africa and Europe.

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Updated: 04/03/2021 — 21:40