Yesterday the Chinese press reported that China’s central bank digital currency (CBDC), the digital RMB was used for cross border precious metal payments. The Bank of China worked with the Shanghai Gold Exchange to enable the settlement of a 100 million RMB ($14m) gold trade. The transaction spanned Shanghai and Hong Kong, with Bank of China Hong Kong also involved. Bank of China is the country’s second largest bank and one of the big four state-owned banks.
Recently the Bank of China also participated in a cross border transaction for iron ore. That one involved Hong Kong and China’s Baowu, the state-owned iron and steel company.
Meanwhile, China’s first cross border digital yuan usage for a commodities payment came in October when PetroChina used the CBDC.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
