China is exploring ways to use the digital yuan for cross-border transactions to meet market needs, the central bank said Thursday.
The People’s Bank of China (PBOC) is cooperating with the Hong Kong Monetary Authority (HKMA) in technical testing of the digital yuan for cross-border payments in mainland China and the special region, said Wang Xing, a spokesman for the bank at a news conference.
In addition to the Hong Kong authority, the Chinese bank also cooperates with the central banks of Thailand and the United Arab Emirates.
Testing of China’s digital currency is advancing steadily and is expected to expand into other areas and situations.
Several Chinese cities, including Beijing, Shenzhen and Suzhou, introduced trial use of the digital currency last year.
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