The Digital Research Institute and the Hong Kong Monetary Authority will further deepen cross-border pilot cooperation on digital renminbi

The People's Bank of China and the Hong Kong Monetary Authority decided to launch six policy measures, including deepening the cross-border pilot of digital RMB, to bring more convenience to residents and enterprises in Hong Kong and the mainland. According to reporters, based on previous testing and verification, the Digital Currency Research Institute and the Hong Kong Monetary Authority will further deepen their cooperation in the cross-border pilot of digital RMB. More institutions will be supported to participate in the pilot, providing users with more convenient application conditions. Based on the institutions that participated in the previous verification, more participating operating institutions and local banks in Hong Kong will be introduced in the near future. Currently, relevant institutions have basically completed their preparations and will provide services to the public in batches. The scope of service subjects and scenarios will be expanded. It will further facilitate Hong Kong residents to open and use digital RMB wallets; enrich the functions of digital RMB wallets that Hong Kong residents can use; explore personal small cross-border remittance services based on digital RMB to improve remittance service efficiency.