Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Hong Kong to test linking China's digital yuan with domestic payments

Hong Kong to test linking China's digital yuan with domestic payments

Hong Kong is to test connecting China's digital yuan with its domestic payments network, officials said on Tuesday, the second stage of trials of China's digital currency in the financial hub.
China's e-CNY is one of the most advanced central bank digital currency (CBDC) projects among major economies. Chinese officials say the project will be initially domestically focused, but cross-border trials are also under way in Hong Kong.Countries around the world are looking at developing CBDCs to modernise their financial systems, ward off the threat from cryptocurrencies and speed up domestic and international payments.

This latest trial will explore how Hong Kong residents can top up an e-CNY digital wallet using the city's faster payment system, currently used to make domestic payments via mobile phones.

"This will help Hong Kong residents to use e-CNY when they cross the border," Nelson Chow, chief fintech officer of the Hong Kong Monetary Authority (HKMA), told a media briefing on Tuesday, as the regulator launched several other fintech initiatives.

An earlier small-scale trial explored using e-CNY digital wallets in Hong Kong.

The HKMA also said on Tuesday it would issue a paper exploring the feasibility of issuing a retail-focused CBDC, an e-HKD, within 12 months. The paper will consider potential use cases, as well as data privacy, and anti-money laundering standards among others.

The regulator had previously said it was focused on using CBDCs as a way of streamlining cross border interbank payments.

"People are now a lot more used to digital payments, and if other central banks are exploring possible use cases for CBDCs... you have to try out to see whether you can make it successful," Eddie Yue, HKMA's chief executive, said at the same briefing.

The HKMA's trials of cross-border interbank CBDCs continue alongside the other consumer-focused projects, and earlier this year, China and the UAE's central banks joined an HKMA and Bank of Thailand wholesale CBDC pilot.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×