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FameEX Hot Topics | Standard Chartered Bank Launches Digital Yuan Exchange Services
2023-11-29 16:14:56
Standard Chartered Bank (China) has made a significant stride by becoming one of the first foreign banks to join China's central bank digital currency (CBDC) pilot program, enabling it to offer digital yuan exchange services to its customers. With a remarkable 165-year history in the Chinese market, Standard Chartered is optimistic about the digital yuan's potential for development.
Standard Chartered Bank (China) Ltd. recently announced its launch of digital yuan exchange services, signifying its participation in China's central bank digital currency project, known as digital renminbi (RMB) business pilot. As one of China's oldest and most established foreign banks, Standard Chartered has assumed a prominent role in this endeavor. Zhang Xiaolei, CEO of Standard Chartered Bank (China), conveyed the bank's unwavering commitment to embracing the digital yuan's potential and actively contributing to its advancement. In pursuit of this commitment, Standard Chartered will leverage the digital renminbi interconnection platform provided by City Bank Clearing Services.
In July, Governor Yi Gang of the People's Bank of China (PBOC) unveiled that transactions conducted using China's central bank digital currency, also known as e-CNY, had reached a remarkable 1.8 trillion yuan, equivalent to $250 billion, by the end of June. Standard Chartered's involvement in the digital yuan ecosystem underscores its ongoing dedication to exploring innovative use cases for the Chinese central bank digital currency. Notably, in September of the previous year, Standard Chartered Hong Kong actively participated in the "Multilateral Central Bank Digital Currency Bridge" proof-of-concept research project. This initiative aimed to facilitate cross-border payment settlement services for real transactions conducted by actual companies through the infrastructure of the currency bridge. China has consistently been at the forefront of global central bank digital currency research and deployment, conducting extensive pilot programs. Since the People's Bank of China (PBOC) initiated its digital renminbi pilot, the scope of the project has continued to expand. Presently, there are 26 digital yuan pilot areas established across China. As Standard Chartered Bank (China) embraces the digital yuan and extends its services, it makes a valuable contribution to the ongoing development of China's central bank digital currency ecosystem. The bank's participation opens doors for potential expansion into various CBDC application scenarios, encompassing cross-border merchant payments, trade financing, and supply chain financing. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
