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China to Expand CBDC Use Case for Belt and Road Initiative

China is expanding the use cases for its central bank digital currency (CBDC) called digital yuan or e-CNY for its Belt and Road initiative and cross-border trades. The government has expanded its testing parameter to include multiple cities and millions of people, and a plan promoting the use of the Chinese digital currency in cross-border trade has been issued in Xuzhou city. Xuzhou is a trade hub and plans to promote e-CNY use to pay for services and storage charges for goods carried by cross-border trains. The Hong Kong Monetary Authority has also announced that Guangdong-Hong Kong-Macau Greater Bay Area will be a testing ground for making cross-border payments using digital yuan. The Chinese government has ramped up its CBDC efforts at a time when international trade markets are moving away from the standard U.S. dollar.

(By PRASHANT JHA)

China CBDCs
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