Standard Chartered Bank, an international bank with deep roots in the Chinese market, has announced its participation in China’s digital yuan project. The bank will offer services such as digital yuan exchange and redemption to its customers. It will also access the digital currency’s interconnection platform through City Bank Clearing Services Co., Ltd. Standard Chartered sees potential in the digital yuan for international merchant payments, trade financing, and supply chain financing. The bank has previously been involved in a proof-of-concept test and has collaborated with PwC China on a report about the digital yuan. China’s central bank digital currency (CBDC) program is gradually expanding, with 26 pilot areas already covered. The digital yuan has been distributed to the public, used for payments on social media app WeChat, and accepted by certain air travel services and e-commerce app Meituan. The asset has also been involved in cross-border crude oil trade.

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Information	Details
Geography	Asia
Countries	🇨🇳
Sentiment	positive
Relevance Score	1
People	None
Companies	PetroChina, Meituan, Ltd, City Bank Clearing Services Co., PwC China, Standard Chartered Bank
Currencies	renminbi (rmb), Chinese Yuan
Securities	None