The Hong Kong Monetary Authority is working with the Digital Currency Research Institute of the People's Bank of China to test cross-border payment technologies using digital RMB and make the appropriate technical preparations, said Chief Executive of HKMA Eddie Yue.
In the future, Hong Kong and the mainland should continue to expand cross-border financial development and promote cross-border financial connectivity in the Greater Bay Area, he said according to the Securities Times.
To this end, the HKMA is taking forward three measures with fewer barriers to regulatory policy. One of these measures is to keep up with the digital trend and work with the People's Bank of China to adopt digital RMB as well as a cross-border central bank digital currency platform.
Previously, digital RMB pilots have been conducted in Shenzhen, Suzhou, Beijing, and Chengdu.
In the future, the digital RMB pilot will also be launched in the Yangtze River Delta, the Greater Bay Area, and other eligible cities in the central and western regions, and is expected to be applied in the 2022 Beijing Winter Olympics.
Earlier today, chinanews.com reported that two bunker trading companies in Dalian, Liaoning Province, completed a settlement of a bunker transaction on the shipping industry's digital platform through digital yuan payments, the first settlement between companies using digital RMB in China.
