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Digital Yuan Used in China's Domestic Futures Market for First Time: Report
The interbank payment using the e-CNY afforded a zero cost, efficient and convenient payment option in real time, according to the report.
Updated Sep 14, 2021, 1:43 p.m. Published Aug 24, 2021, 3:39 a.m.
China's digital yuan has been used to pay storage fees to a delivery warehouse in the Chinese city of Dalian, marking the first use of its kind within the domestic futures market.
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- The China Securities Journal reported Monday the Dalian Commodity Exchange had paid the fees to Dalian Liangyun Group Storage and Transportation Co., Ltd.
- Local branches of the Bank of Communications and the Dalian branch of the Bank of China assisted in the transaction.
- China's digital yuan, also known as the digital renminbi or e-CNY, is a digital version of the country's physical notes issued by the People's Bank of China (PBoC).
- The interbank payment using the e-CNY afforded a zero-cost, efficient, and convenient payment option in real time, according to the report.
- Beginning in earnest this year, several e-CNY pilots have been trialed in the country including the district of Xiong’an and the city of Shenzen.
- During the Winter Olympics in Beijing next year, foreign visitors will be able to access and trial China's digital currency without needing to open a local bank account.
Read more: 35 Chinese Banks Add Digital Yuan to Apps as Lenders Prepare for Adoption: Report
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