


Standard Chartered China and Hang Seng China become the first foreign banks to launch digital RMB business
According to news from this site on November 27, Standard Chartered Bank (China) Co., Ltd. announced today that it will access the digital renminbi interconnection platform through Citybank Clearing Services Co., Ltd. and begin to provide customers with digital renminbi exchange, including recharge and redemption. and other related businesses. Standard Chartered China has also become one of the first foreign banks to participate in the digital renminbi business pilot.
In addition, Hang Seng Bank (China) Co., Ltd. also announced that it has accessed the digital renminbi interconnection platform through Citybank Clearing Services Co., Ltd. and officially launched the "digital renminbi" business. At this point, Hang Seng China has also become one of the first foreign banks to launch “digital RMB” business.
According to our understanding, as of now, the digital RMB pilot has been carried out for more than 3 years and has made progress in 26 pilot areas in 17 provinces and cities. In the fields of wholesale and retail, catering, culture and tourism, education, medical care, and public services, many application models covering online and offline lines that can be copied and promoted have been formed
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According to news from this site on January 17, WeChat officially announced today that WeChat Pay has joined hands with hundreds of acquirers to further expand the scope of merchants within WeChat that can use digital renminbi. These include the Palace Museum, multiple living payment platforms, China Southern Power Grid, SF Express, T3 Travel, Hello Bicycle... covering millions of merchants in the fields of life services, livelihood payment, catering and entertainment, travel and transportation, etc. In recent years, WeChat has opened up multiple application scenarios that support digital renminbi: opening the digital renminbi entrance in WeChat; assisting the issuance of digital renminbi red envelopes; supporting wallet quick payment functions; opening mini programs and video account scenarios. Inquiries on this site found that the current digital renminbi pilot The scope has been expanded to 26 pilot areas in 17 provinces and cities, including: Beijing, Tianjin, Hebei Province, Dalian, and Shanghai

According to news from this website on November 27, Standard Chartered Bank (China) Co., Ltd. today announced that it will access the digital renminbi interconnection platform through Citybank Clearing Services Co., Ltd. and begin to provide customers with digital renminbi exchange, including recharge and redemption and other related services. . Standard Chartered China has also become one of the first foreign banks to participate in the digital renminbi business pilot. In addition, Hang Seng Bank (China) Co., Ltd. also announced that it has accessed the digital renminbi interconnection platform through City Bank Clearing Services Co., Ltd. and officially launched the "digital renminbi" business. At this point, Hang Seng China has also become one of the first foreign banks to launch “digital RMB” business. According to our understanding, as of now, the digital RMB pilot has been carried out for more than three years and has been adopted in 26 pilot areas in 17 provinces and cities.

According to news from this website on October 27, according to the Shanghai Securities News, China Petroleum International Co., Ltd. today used digital renminbi to settle purchases on the trading center platform for the first time through the digital wallet opened by the Shanghai Oil and Gas Trading Center at the Bank of Communications on October 19. of crude oil. This site learned from the Shanghai Oil and Gas Trading Center that previously, the Shanghai Municipal Party Committee and Municipal Government issued work requirements on "Shanghai Actively Participates in the Application of Digital RMB International Trade". The Shanghai Oil and Gas Trading Center responded to the call and actively expanded international oil and gas trade transactions. Promote the embedding of digital renminbi in cross-border renminbi payments. On October 19, PetroChina International Co., Ltd. reached the first cross-border RMB settlement transaction for international crude oil on the Shanghai Oil and Gas Trading Center platform.

1. If you want to transfer digital RMB to a bank card, you first need to ensure that the digital RMB APP is installed on your phone and add a valid digital wallet. 2. Select [Wallet Management] in the Digital RMB app, add a bank card and enter relevant verification information. 3. Return to the home page, click [Recharge Wallet], enter the recharge amount and payment password, and the digital RMB can be transferred to the bank card. 4. After completing the recharge, users can check the balance changes on the bank app or online banking to confirm that the digital renminbi has been successfully transferred to the bank card.

According to news from this site on September 3, according to The Paper, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said today at the "2023 China International Financial Annual Forum", the main forum on financial services at the 2023 China International Fair for Trade in Services. , to realize the use of digital renminbi as a payment tool in all retail scenarios. Mu Changchun said that digital renminbi uses the latest network and mobile payment technology to achieve a major upgrade of the currency issuance and payment system through the reconstruction of organizational forms and business models. It has the property rights characteristics and anonymous functions of cash. , and has the portability, ease of use and traceability of electronic payment tools, and has been upgraded to become a universal payment tool that adapts to the development of the digital economy. After the currency upgrade is completed, the payment tools of the whole society will be correspondingly

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1. In China, the only legal digital currency is the [Digital RMB] issued by the People’s Bank of China. 2. Digital RMB is a legal digital currency that has the same legal status as banknotes and coins and is issued and managed by the People's Bank of China. 3. It adopts a two-tier operating model, with the People's Bank of China issuing the basic layer and commercial banks and other operating institutions providing upper-layer services. 4. The launch of digital RMB aims to improve payment efficiency, promote financial inclusion, and provide support for the development of China’s digital economy.

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