Hong Kong Officially Launches Digital Yuan Payments Pilot
- The launch is the first to take place beyond mainland China
- China is pushing to grow the yuan’s share of global payments
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Hong Kong launched a pilot program enabling digital yuan payments through major Chinese banks, the first example of China’s currency project being deployed beyond the mainland.
Residents of the city can now open digital yuan wallets with Bank of China, Bank of Communications, China Construction Bank and Industrial and Commercial Bank of China to pay merchants in mainland China directly, Hong Kong’s de facto central bank said in a statement on Friday.