The Digital Research Institute and the Hong Kong Monetary Authority will further deepen cross-border pilot cooperation on digital renminbi

The People's Bank of China and the Hong Kong Monetary Authority decided to launch six policy initiatives, including deepening the cross-border pilot of digital renminbi, to bring more convenience to Hong Kong and mainland resident enterprises. The reporter learned that based on preliminary testing and verification, the Digital Currency Research Institute and the Hong Kong Monetary Authority will further deepen cross-border pilot cooperation on digital renminbi. Support more institutions to participate in the pilot and provide users with more convenient application conditions. On the basis of the early participating verification institutions, more participating operating institutions and local banks in Hong Kong will be introduced in the near future. At present, relevant agencies have basically completed preparations and will provide services to the public in batches. Expand service subjects and scenarios. It will further facilitate Hong Kong residents to open and use digital RMB wallets; enrich the digital RMB wallet functions available to Hong Kong residents; explore personal small-amount cross-border remittance services based on digital RMB to improve the efficiency of remittance services.