On December 20, Bank of China Shanghai branch successfully traded a cross-border gold batch worth 100 million Yuan in Chinese CBDC (e-CNY), through the International Board of the Financial Exchange. Shanghai itself.
This is one of China's next successful CBDC trials in its strategy to enhance the renminbi's position on the international stage. According to a Bank of China spokesperson, “this transaction will support financing in Shanghai's free trade zone pilot strategy and improve the quality of Shanghai's international trade hub.”
The Shanghai branch of the Bank of China is currently one of the leading proponents of CBDC testing. Recently it facilitated the import of iron ore into China using e-CNY. The bank also cooperates with foreign organizations such as France's BNP Paribas to develop China's digital currency.
In particular, China's CBDC strategy received the absolute support of senior leadership, when in July 2023, President Xi Jinping emphasized the importance of CBDC in cross-border transactions. Since then, many foreign banks such as Standard Chartered, HSBC, Hang Seng Bank and Fubon Bank have participated in the trials.
Notably, on December 19, the e-CNY application continued to be updated, allowing users to create a wallet with a personal phone number, disable the wallet in case the phone is lost, as well as reset password and private key. Users can also link their personal bank accounts and debit cards to exchange e-CNY directly in the wallet.
