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<div class="cryptonews">
 <p class="is-style-lead">China’s major lender has concluded the cross-border settlement for precious metals trading with digital yuan.</p>
 <p>The Bank of China is set to expand the application of the country’s digital currency as the Beijing-based commercial bank has completed the first cross-border settlement for precious metals trading with digital yuan, the South China Morning Post reports.</p>
 <p>The Shanghai branch of the state-owned bank has reportedly conducted the settlement, transferring 100 million yuan (around $14 million) in cash from an overseas buyer and depositing the funds as digital yuan into an account under the Shanghai Gold Exchange. The <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> is also said to involve collaboration with the bank’s Hong Kong branch.</p>
 <p>The Bank of China has a history of engaging in <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a> projects involving the country’s central bank digital currency (CBDC), actively participating in various digital <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s.</p>
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 <p>The bank’s latest effort, for example, resulted in collaboration with BNP Paribas in May, aiming to promote the use of digital yuan among the French institution’s corporate clients in China.</p>
 <p>Meanwhile, the adoption of digital yuan in China is witnessing a noticeable growth, with total e-yuan <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> volumes reaching 950 million and a cumulative value of 1.8 trillion yuan as of July.</p>
 <p>Former People’s Bank of China Governor Zhou Xiaochuan, who served for 16 years until 2018, pointed out in a late November conference in Hong Kong that the nation is nearing the conclusion of its multi-year digital yuan <a rel="noopener noreferrer nofollow" title="pilot" href="https://thebittimes.com/tag/pilot.html">pilot</a>, stating that the “final stage is not very far away.” Xiaochuan highlighted that China has already digitized approximately 90% of retail payments and emphasized the significant business opportunity in <a rel="noopener noreferrer nofollow" title="cross-border" href="https://thebittimes.com/tag/cross-border.html">cross-border</a> payments for central bankers to consider and explore.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/china-accelerates-cbdc-pilot-with-cross-border-precious-metals-transaction-tbt74504.html">https://thebittimes.com/china-accelerates-cbdc-pilot-with-cross-border-precious-metals-transaction-tbt74504.html</a></p>

China accelerates CBDC pilot with cross-border precious metals transaction

TheBitTimes

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