Markets· Fintech

China explores digital RMB for cross-border transactions

minutes 2021/04/02 02:55:15

Apr 02, 2021 (China Knowledge) - To meet market demand, China is exploring ways to use the digital Renminbi (RMB) for cross-border transactions. It is working with the Hong Kong Monetary Authority (HKMA) on technical testing of using the digital RMB for cross-border payments.

On top of Hong Kong, the People’s Bank of China (PBoC) is also working with HKMA and central banks of Thailand and United Arab Emirates to roll out this feature to more foreign countries.

The digital RMB has been adopted by multiple Chinese cities, with Beijing, Shenzhen and Suzhou, to name a few.

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