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FameEX Hot Topics | Standard Chartered Bank Commences Digital Yuan Exchange Services

2023-11-29 16:14:56

Standard Chartered Bank (China) has taken a significant step by joining China's central bank digital currency (CBDC) pilot program, becoming one of the first foreign banks to offer digital yuan exchange services to its customers. With a history spanning 165 years in the Chinese market, Standard Chartered holds an optimistic view of the digital yuan's development prospects.

Standard Chartered Bank (China) Ltd. recently announced the initiation of digital yuan exchange services, marking its participation in China's CBDC, known as digital renminbi (RMB), business pilot. The bank, being one of China's oldest and most established foreign banks, has taken a noteworthy role in this venture. Zhang Xiaolei, CEO of Standard Chartered Bank (China), expressed the bank's commitment to embracing the digital yuan's potential and playing an active role in its development. As part of this participation, Standard Chartered will utilize the digital renminbi interconnection platform provided by City Bank Clearing Services.

In July, Governor Yi Gang of the People's Bank of China (PBOC) disclosed that transactions conducted using China's central bank digital currency, referred to as e-CNY, had reached a staggering 1.8 trillion yuan (equivalent to $250 billion) by the end of June.

Standard Chartered's involvement in the digital yuan ecosystem underscores its ongoing commitment to exploring innovative application scenarios for the Chinese central bank digital currency. Notably, in September of the previous year, Standard Chartered Hong Kong actively participated in the "Multilateral Central Bank Digital Currency Bridge" proof-of-concept research project. This project was designed to facilitate cross-border payment settlement services for actual transactions conducted by real companies through the infrastructure of the currency bridge.

China has been a global leader in the research and implementation of central bank digital currencies, conducting extensive pilot projects. The People's Bank of China (PBOC) initiated its digital renminbi pilot, continuously expanding its scope. Currently, there are 26 digital yuan pilot areas established throughout China.

As Standard Chartered Bank (China) embraces the digital yuan and extends its services, it contributes to the ongoing development of China's central bank digital currency ecosystem. The bank's participation paves the way for potential expansion into various CBDC application scenarios, including cross-border merchant payments, trade financing, and supply chain financing.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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