Standard Chartered Bank Joins China’s Digital Yuan Pilot
Standard Chartered Bank (China) Ltd. has become one of the first foreign banks to participate in China’s central bank digital currency (CBDC) pilot. The bank has started offering digital yuan exchange services to customers, accessing the digital renminbi interconnection platform through City Bank Clearing Services. Governor Yi Gang of the People’s Bank of China announced that transactions using the digital yuan reached 1.8 trillion yuan ($250 billion) by the end of June. Standard Chartered, with its 165 years of presence in the Chinese market, is positive about the prospects of the digital yuan. The bank expects the CBDC to be used in various scenarios such as cross-border payments and trade financing.
China Leads Central Bank Digital Currency Exploration
The People’s Bank of China has been at the forefront of studying central bank digital currency and conducting large-scale pilot projects. With 26 digital yuan pilot areas across the country, China continues to expand the scope of its CBDC. Standard Chartered Bank has actively contributed to the development of the digital yuan ecosystem, participating in projects like the “Multilateral Central Bank Digital Currency Bridge” to facilitate cross-border payment settlement services. The bank is committed to exploring innovative applications for the Chinese central bank digital currency.
Hot Take: Standard Chartered Embraces China’s Digital Yuan
By becoming one of the first foreign banks to participate in China’s central bank digital currency pilot, Standard Chartered Bank (China) demonstrates its optimism and commitment to the development of the digital yuan. With its long-standing presence in the Chinese market, the bank is poised to leverage the digital renminbi in various scenarios, including cross-border payments and trade financing. China’s pursuit of central bank digital currency exploration positions it as a leader in this field. As Standard Chartered actively contributes to the digital yuan ecosystem, it takes a significant step towards embracing the future of digital currencies in China.
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