Bank of China (Hong Kong) Completes First 24 Million Yuan e-CNY Transactionby Fintech News Hong Kong December 14, 2023
Bank of China (Hong Kong) (BOCHK) completed an inaugural cross-border transaction using the electronic Chinese Yuan (e-CNY) for a bulk commodity purchase valued at 24 million yuan (approximately HK$26.16 million).
The transaction was a joint effort with the Bank of China, BOCHK’s parent company, which facilitated an e-CNY transaction for Bao-Trans Enterprises. The enterprise received the digital currency from Baosteel Group in exchange for iron ore.
This marks BOCHK’s first instance of aiding a local business using e-CNY for cross-border bulk commodity transactions. This follows the bank’s launch of its ‘corporate e-CNY cross-boundary transaction pilot’ programme.”
BOCHK’s Deputy Chief Executive, Xing Guiwei, commented,
“e-CNY’s technical features can be leveraged to create greater value in corporate cross-boundary transactions, apart from being useful for individual customers in cross-boundary payment scenarios.”
He highlighted that this successful pilot transaction paves the way for the regular use of e-CNY in corporate settings and contributes to the broader goal of internationalising the yuan.
Featured image credit: Edited from Freepik