Greater Bay Area

Expanding the scope of cross-border pilot projects for digital renminbi in Hong Kong


The cooperation between the Hong Kong Monetary Authority (HKMA) and the People's Bank of China on the pilot of cross-border digital RMB payments has achieved further results, expanding the pilot scope of digital RMB in Hong Kong, facilitating the opening and use of digital RMB wallets by Hong Kong residents, and recharging digital RMB wallets through electronic fast payment systems. Expanding the cross-border pilot of digital renminbi in Hong Kong is one of the six measures announced by the People's Bank of China earlier this year, namely "Three Links and Three Conveniences". After the expansion of the pilot scope, users now only need to use their Hong Kong mobile phone number to open and use their personal digital RMB wallet in Hong Kong. Hong Kong users can recharge their wallets through 17 local retail banks and use digital RMB in the Greater Bay Area and other pilot areas in mainland China through "Fast Transfer". Hong Kong has become the first cross-border pilot of digital renminbi, and the first region outside of mainland China where local residents can open digital currency wallets, according to the President of the Monetary Authority, Yu Wei wen. Expanding the pilot scope of digital RMB in Hong Kong allows users to recharge their digital RMB wallets anytime and anywhere without opening a mainland bank account, facilitating consumption by Hong Kong residents in mainland China. Yu Weiwen said that the Hong Kong Monetary Authority will continue to work closely with the People's Bank of China to gradually expand the application scope of digital renminbi, enrich the digital renminbi wallet functions available to Hong Kong residents, and promote more retail merchants to accept digital renminbi, facilitating cross-border retail payments for residents in both regions. (Lai Xin She)

Edit:Lubaikang Responsible editor:Chenze

Source:Xinhua News Agency

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