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Original title: New news for digital RMB! This time it is a cross-border payment between Hong Kong and mainland China. This great bank will participate
Summary
[¡Nuevas noticias para RMB digital! Esta vez es el pago transfronterizo entre Hong Kong y China continental. Este gran banco participará.]Recently, there have been many advances in the field of digital renminbi. After Suzhou launched the digital 20 million renminbi red envelope test, the Hong Kong Monetary Authority also stated that it is currently studying the cross-border digital renminbi pay test. (China Corridor)
Recently, the numbersRMBThere are many more breakthroughs in the field, Suzhou has released a 20 million RMB digital red envelopetestLater, the Hong Kong Monetary Authority also stated that it is currently studying proof of digital cross-border payment in RMB.
On December 4, the Hong Kong Monetary AuthorityPresidentYu Weiwen published an article titled “New Trends in Fintech-Cross Border Payments” and noted that thecoinThe research institute studies the use of the digital renminbi for technical tests of cross-border payments and makes the corresponding technical preparations. According to 21 Financial Report, the pilotBank of China(Hong Kong) and partBankEmployees and merchants participate in the test.
Also, recently the central bankDigital currencyResearch Institute and UnionPay Commercial Co., Ltd.the companysignstrategyCooperation agreement to jointly study the innovative applications of online and offline payment scenarios in the digital RMB pilot test The two sides will combine the existing business scenarios of UnionPay commerce, based on the characteristics of the digital RMB and the ecosystem of wallet, and jointly study and expand the digital RMB.productRole and scope of application to promote the construction of the RMB digital ecosystem.
CITIC valuesIt is expected that after the completion of the Suzhou RMB digital red envelope pilot, the next phase will expand the pilot city, enrich the test scenarios, and increase the number of test participants.Bank。
Hong Kong to test digital cross-border payments in RMB
On December 4, the chairman of the Hong Kong Monetary Authority Yu Weiwen wrote an article that Hong Kong is ushering in an “encouraging development” in cross-border payments, that is, the Monetary Authority is studying the use of the digital renminbi for cross-border payments with the Central Bank’s Digital Currency Research Institute. Technical test and carry out the corresponding technical preparations.
Yu Weiwen said that the use of RMB in Hong Kong is actually very common, and the digital RMBPositioninginCirculationUsing cash in China will bring greater convenience to tourists from both places. Although there is no timetable for the launch of the digital renminbi, it is believed that it will provide residents of the two places who need to conduct cross-border retail consumption with an additional payment method in the future.
Regarding the technical test of the digital renminbi in Hong Kong, according to a 21 financial report, “the relevant technical test is limited to people.BankBank of Hong Kong designated (Bank of China(Hong Kong)) Participated with bank employees (about 200) and merchants invited to participate in the test to make technical preparations for the use of digital RMB for cross-border consumption. “
Yu Weiwen said that the HKMA has been actively developing the financial infrastructure, providing a multi-tier, multi-currency platform and connecting the payment system with surrounding areas and international systems to promote faster and more secure cross-border payments. In addition to leveraging and continuing to develop the benefits of existing financial infrastructure, HKMA is also committed to studying the application of new financial technology to cross-border payments.
“Last year, we joined Thailandcentral bankResearch carried out, using central bank digital currency andBlockchainThe platform solves various problems in cross-border payments. The joint research has now entered the second phase, which includes exploring specific business application solutions, as well as platform operability and extensibility (i.e., extension to three or more central bank digital currencies). “Yu Weiwen revealed in the article.
On January 22 this year, according to the Hong Kong Monetary Authority, the “Inthanon-LionRock Project” was completed in December 2019. The two parties have partnered with 10 participating banks from the two locations to successfully develop a prototype. proof of concept based on distributed ledger technology. The “Inthanon-LionRock Project” covers the exchange of digital tokens, the transfer of interbank funds in real time,Foreign exchangeTopics such as transactions, liquidity management and regulatory compliance.
Promote the connectivity of the Guangdong-Hong Kong-Macao Greater Bay Area
In fact, the Hong Kong Monetary Authority began investigating the central bank’s digital currency in 2017.
According to Hong Kong Finance Secretary Chen Maobo, in his earlier speech at the “Unity Zall Forum”, the results of the 2017 study suggest that because Hong Kong already has an efficient retail payment system andService, The central bank’s digital currency application will have more potential at the wholesale and cross-border payment level. Chen Maobo also revealed that the HKMA has prepared a specialjobsThe group focuses on relevant research on how Hong Kong can take advantage of RMB digital development opportunities.
“If the digital renminbi can be used for cross-border payments, the interconnection between Hong Kong and the mainland, especially the Guangdong-Hong Kong-Macao Greater Bay area, will be further promoted. The government and the Hong Kong Monetary Authority are ready to actively discuss various feasible options with the People’s Bank of China. Plan to improve and expand the channels for the two-way flow of RMB cross-border funds, “said Chen Maobo.
According to the currency statistics released by the Hong Kong Monetary Authority a few days ago, in October this year, the Hong Kong RMBto depositAn increase of 1.8% to 680.1 billion yuan. Total renminbi remittances settled for cross-border trade in October was 414.2 billion yuan, compared with 593.1 billion yuan in September.
According to Au Jinglin, executive director of the Hong Kong Financial Development Council, the use of the renminbi outside of China currently faces the problem of insufficient assets.Financial managementOpen, moremarketThe investigation into the digital renminbi is currently ongoing andRMB InternationalizationThis helps a lot. He believes that the digital renminbi is easy to use, all transactions can be tracked, and Hong Kong can be used as a good sandbox for testing.
Zou Chuanwei, chief economist at Wanxiang Blockchain, told the media that renminbi digital wallets do not need to be linked to a bank card, which is more open. When the retail central bank’s digital currency is used for cross-border payments, it can be completely independent ofdealThe role of the bank’s intermediary. In theory, foreign users can open digital renminbi wallets, own and use digital renminbi without having a domestic bank account. If foreign merchants have digital renminbi wallets, domestic users can directly use digital renminbi after traveling abroad.
(Article source:BrokerageChina)
(Responsible editor: DF512)
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