Successful $14 Million Cross-Border e-CNY Gold Transaction in Shanghai

The transaction was made possible through the Shanghai Financial Exchange International Board

First $14M cross-border e-CNY gold purchase completed in Shanghai

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"On December 20th, a historic cross-border settlement involving precious metals was accomplished using the digital yuan central bank digital currency (CBDC), commonly known as the e-CNY. According to local news reports, the Shanghai branch of the Bank of China successfully executed a 100 million yuan ($14 million) e-CNY CBDC settlement for overseas gold transactions via the Shanghai Financial Exchange International Board.

This move is expected to bolster Shanghai's efforts in implementing its free trade pilot zone promotion strategy and enhancing the international trade center's quality and capabilities, as stated by a spokesperson for the Bank of China.

Bank of China Shanghai has been at the forefront of digital yuan pilot testing and recently facilitated the import of iron ore to China using CBDC. The bank has also forged partnerships with foreign institutions, including France's BNP Paribas, to advance the development of the digital yuan.

Chinese President Xi Jinping officially acknowledged the significance of CBDCs in cross-border trade during his address at the July 2023 Shanghai Cooperation Organisation Summit. Subsequently, various foreign banks have joined China's ongoing CBDC trials. Additionally, Singapore has announced its decision to permit Chinese tourists to use digital yuan for transactions within the country during their visits. On December 1st, China signed a $400 million memorandum of CBDC cooperation with the United Arab Emirates.

In a notable development, the official digital yuan app received an update on December 19th. This new version allows users to create a digital yuan wallet using their phone number, provides the ability to disable the wallet if the phone is lost, and allows users to reset their password and private keys. Furthermore, users can link their personal bank accounts and debit cards to make in-wallet purchases of digital yuan

Dec 21, 2023

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