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Digital Yuan Enters Oil Market as PetroChina Finalizes First International Crude Trade in CBDC
23.10.2023
PetroChina inked a major deal on October 18, becoming the first company to complete an international crude oil trade using China's central bank digital currency (CBDC), the Digital Yuan. The transaction was reported by China Daily, a media outlet owned by the Chinese Communist Party.
This move...
PetroChina Completes First International Crude Oil Trade in Digital Yuan: Report
23.10.2023
PetroChina bought 1 million barrels of crude oil settled in e-CNY at the Shanghai Petroleum and Natural Gas Exchange
A SWIFT Shakeup: Yuan Dethrones Euro as Runner-Up in Trade Finance Markets
20.10.2023
The latest report published by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has revealed that the Chinese yuan overtook the euro as the second most used currency in trade finance markets. However, the dollar is still comfortably in first place, with more than an...
Chinese Bank Rolls Out Digital Yuan Supply Chain Financing Solution
17.10.2023
More Chinese banks want to use digital yuan-powered smart contracts in their operations, and hope to use the CBDC in the financing of supply chains.
Per Xinhua (via the People’s Daily), the Agricultural Bank of China will work on a solution with Luzhou Laojiao.
The latter is a traditional alcohol...
China Opens Digital Yuan Park in Shenzhen
14.10.2023
Shenzhen has become home to an industrial park established to promote China’s central bank digital currency (CBDC). Several financial companies are already settling there, the Chinese megacity announced while unveiling almost a dozen initiatives to boost the digital yuan use in the region. Shenzhen...
China's FX Minister Suggests CBDC Programmability for Macroeconomic Management
13.10.2023
An official from China's foreign exchange regulatory body has suggested the potential use of "programmable features" within China's Central Bank-Backed Digital Currency (CBDC) to bolster the effectiveness of monetary policy tools.
China, alongside several other nations, is diligently working...
Chinese IT Giant Tencent Launches Digital Yuan Smart Contract Services
13.10.2023
The Chinese tech titan Tencent, the WeChat operator, will launch a digital yuan smart contract offering for small and medium-sized enterprises (SMEs).
The move comes weeks after the firm announced it would join a central bank-led e-CNY and global CBDC interoperability pilot.
Per the Securities...
China opens industrial park for digital yuan CBDC development in Shenzhen
12.10.2023
The government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promotions for the digital yuan
China’s Shenzhen Launches Digital Yuan Industrial Park
12.10.2023
A group of Chinese firms will move into a CBDC-themed “digital yuan industrial park.”
Per the Shanghai Securities News and the Securities Times, the Southeastern city of Shenzhen held an “official launching ceremony” for its “first digital yuan industrial park” on the morning of October 11.
The...
Rise in Chinese Banks Issuing Digital Yuan Corporate Loans
11.10.2023
More Chinese banks are issuing loans in the digital yuan, the nation’s central bank digital currency (CBDC), as e-CNY corporate financing options diversify.
Per Nanhai Net (via Hainan News), the latest development has taken place on the island province of Hainan, in the city of Sanya....
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China Debuts Digital Yuan Interconnection With Hong Kong Payment System During 19th Asian Games
10.10.2023
The Chinese digital yuan, China’s central bank digital currency (CBDC), now features an interconnection with the Hong Kong payment system, allowing tourists coming to mainland China to purchase and top up a digital yuan wallet. The system, created by the Digital Currency Research Institute...
China Says Overseas Visitors Are Using e-CNY, Paying More Salaries with CBDC
10.10.2023
Chinese officials say uptake for the digital yuan is rising among overseas visitors – while more citizens are receiving their salaries in CBDC wallets.
Per the Hangzhou Daily, state-run banks in the Hangzhou Asian Games Village “welcomed delegations [athletes and coaches]” from across Asia...
Digital Yuan Giveaways Driving Adoption, Chinese Central Bank Claims
9.10.2023
The Chinese central bank has claimed that its program of digital yuan giveaways is helping to drive up CBDC adoption.
According to the state-run newspaper the People’s Daily, the Digital Currency Research Institute, the central People’s Bank of China (PBoC)’s dedicated digital yuan arm,...
China Connects Digital Yuan to Hong Kong’s Fast Payment System
6.10.2023
China has taken another step forward in its digital yuan pilot – connecting its CBDC platform to Hong Kong’s Fast Payment System (FPS).
The move will speed up cross-border digital yuan transactions and boost interoperability between the Mainland’s CBDC and international payment networks.
The...
China Uses Digital Yuan to Recycle Gold, Pay Land Registry Fees
29.9.2023
Chinese firms, banks, and city governments are using the digital yuan to recycle gold and pay land registry fees as CBDC adoption efforts continue.
Per the fiance-focused media outlet JRJ, the Shenzhen Branch of the central People’s Bank of China (PBoC) has teamed up with the Shanghai Gold...
China Allows Visitors to Top Up Digital Yuan Wallets with Visa, Mastercard, Cash
28.9.2023
Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods....
Chinese Tech Giant Tencent Joins CBDC Interoperability Pilot
28.9.2023
China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.
WeChatPay, along with its rival Alipay, has cornered some 15% of the Chinese payments market.
But in recent years, Tencent has moved to align with...
Digital Yuan app adds prepaid Mastercard VISA top-ups for tourists
25.9.2023
The Digital Yuan app now allows tourists to top-up e-CNY wallets with Mastercard & VISA payment with 'recharge first and use later' option
Foreign Travelers Can Now Use China’s Digital Yuan App
25.9.2023
Visitors to China can now buy digital yuan tokens with overseas cards via the central bank’s official CBDC mobile app.
Per the China Business News, via Yicai, the bank has updated its app to allow visitors to China “to download the digital yuan app from app marketplaces.”
The platform has been...
Chinese Banks, Firms Make Digital Yuan Smart Contract Progress
22.9.2023
Chinese banks and businesses want to step up their use of digital yuan-powered smart contracts, as the financial and industrial sectors eye CBDC progress.
Per the Securities Times (via Stockstar), the state-run Postal Savings Bank of China has “officially” co-launched the nation’s first...