Chinese banks, Ant International push instant cross-border digital yuan transfers

AI Summary

Chinese state-owned banks along with Ant International have trialed instant cross-border digital yuan transfers, facilitating seamless transactions between Shanghai and Hong Kong. This development advances China's push for wider international adoption of the digital yuan.

Two Chinese state-owned banks and Ant International have trialled cross-border digital yuan transfers worth hundreds of millions of yuan, marking the latest step in Beijing’s efforts to streamline settlements and promote wider international use of the digital yuan. The Shanghai branch of Industrial and Commercial Bank of China (ICBC) facilitated its first digital yuan transfer for Ant International to ICBC Asia, its Hong Kong subsidiary. The transaction from Shanghai to Hong Kong was completed...