The Shanghai Clearing House, Asia’s first counterparty clearing institution, announced support for payments made with the digital yuan Monday. According to reports, the move will allow companies to settle transactions for commodities in bulk, promoting the digital yuan, the Chinese central bank digital currency (CBDC), in international markets.
Shanghai Clearing House to Support Digital Yuan
The Shanghai Clearing House, one of the largest counterparty and clearing companies in Asia and the world, recently introduced support for operations and settlements using the Chinese central bank digital currency (CBDC), the digital yuan. According to local reports, the institution will allow its customers to settle bulk commodities payments with the digital yuan with no added fees for the time being.
Some experts believe that using the digital yuan in a large clearing house business will boost efficiency in managing commodity settlements. Dong Dengxin, director of the Finance and Securities Ins
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