British Bank Standard Chartered to Join China CBDC Tests

Standard Chartered China is offering new B2B trade services related to China’s e-CNY central bank digital currency (CBDCs). These include minting and redemptions that will work through the City Bank Clearing Service, the bank announced on Monday.

Standard Chartered is one of the first foreign banks to become involved in the Chinese CBDC project, arguably the world’s most advanced central bank effort. The move comes after central bank official Li Xin launched a new B2B digital renminbi platform to improve cross-border functions, including order information matching and foreign exchange compliance.

China Wants Businesses to Drive e-CNY

At the same event last Friday, Wu Gang, the vice president of the central bank branch in Zhejiang province, also effected an initiative to increase the use of the CBDC among small-to-medium sized enterprises. Earlier this year, DBS Singapore launched a pilot to test the exchange of e-CNY between merchants and clients on its own network.

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