The People’s Bank of China (PBOC) is considering using the digital yuan to settle services and commodities trades with Hong Kong. According to Di Gang, deputy director-general of the Digital Currency Institute of the PBOC, this would help companies avoid the difficulties of using a single high-cost, cross-border payment channel.
People’s Bank of China Eyes Digital Yuan Usage for Commodities and Services Settlements
The People’s Bank of China (PBOC) is examining the potential application of the Chinese central bank digital currency (CBDC), the digital yuan, for commodities and services settlements with Hong Kong. Di Gang, deputy director-general of the Digital Currency Institute of the PBOC, revealed the bank was considering this use case during the Hong Kong Fintech Week, an Asian finance conference.
Di explained that the cooperation between Hong Kong and the mainland could allow the trade and subsequent payment of natural gas, oil, and other services using the digital yuan. The
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