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Hong Kong Looks to Expand Cross-Border Tests of Digital Yuan

Views Of Chinese Yuan As Yuan Crunch Spurs Banks to Hoard Abroad as China Curbs Outflows
Photographer: SeongJoon Cho/Bloomberg

Hong Kong is in talks with China to expand cross-border testing of the digital yuan after the first phase proceeded smoothly, another step toward wider adoption of the currency.

The Hong Kong Monetary Authority recently conducted tests with the Digital Currency Institute of the People’s Bank of China, involving a bank designated by the mainland authority, as well as merchants and bank staff, the HKMA said in an e-mailed response to questions.