British multinational bank Standard Chartered has announced its participation in trials of China’s digital yuan central bank digital currency (e-CNY CBDC), making it one of the first foreign banks to do so in the country. Through its partner City Bank Clearing Services Co., Standard Chartered will allow its clients to purchase, exchange, and redeem e-CNY within its bank accounts. The bank will also join China’s e-CNY CBDC pilot testing program, which is currently underway in 26 cities and provinces. Standard Chartered’s areas of exploration include cross-border merchant payments, trade financing, and supply chain financing. This move comes as China’s central bank published a white paper calling for commercial payment processors to integrate the e-CNY CBDC for consumer transactions. Since its launch in 2020, e-CNY transactions have exceeded 1.8 trillion Yuan ($253.6 billion), with the number of wallets reaching 120 million.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇳 ðŸ‡ðŸ‡° |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Xiaolei Zhang |
| Companies | City Bank Clearing Services Co., PricewaterhouseCoopers China, Standard Chartered |
| Currencies | Chinese Yuan |
| Securities | None |
