Mu Changchun, Central Bank Data Lab: Collaboration with Hong Kong to Complete Phase 2 of Digital RMB Research

On December 9, Changchun Mu, director of the Central Bank Digital Currency Research Institute, announced at the "Hong Kong International Financial Center Status and Prospect Seminar" that the Central Bank Digital Currency Research Institute will begin to cooperate with the Hong Kong currency. . The ability of cross-border payments to jointly explore the development of digital bank accounts.

He said the two sides have completed the first phase of technical testing to carry out the important tasks of payment, exchange and spending through digital yuan wallets in the Hong Kong region, regional banks and merchants. from Hong Kong.

Mu Changchun said that the two sides are currently conducting two-stage research to improve the efficiency of payments as a research base on the integration of the yuan system and the "FPS" approach, pay quickly and respect the services local. users. noted. People in Hong Kong. Among them, performance reviews were carried out on the basis of respect for the three principles of “no harm”, “compliance” and “cooperation” across borders.

"For example, in the future, when the big tourists in Hong Kong markets use the digital renminbi, there will be no currency exchange because the exchange will be done between wallets and traders. Cities will receive the Hong Kong dollar Between the mainland and Hong Kong The RMB digital wallet will improve the level of convenience of cross-border payments between the two, ”said Mu Changchun.

Regarding various digital bridge bank financial institutions, Mu Changchun said that the digital banking research institute will work with the Hong Kong Monetary Authority, Bank of Thailand and UAE Central Bank under cooperation of banks for international settlements. . Investigate the development of collaborative payments for cross-border payments based on digital currency legislation. Now, the project has started to complete the construction of the resulting transition test platform, and through the test, the performance of the integration of the results for cross-border payment into global business solutions has been tested, and it turned out to be successful. connections can be improved. Efficiency of cross-border payments and cost reduction, improved business transparency.

On November 3, several digital banking digital bridges research projects were jointly implemented by the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates and the Hong Kong Bank for International Settlements. Kong. scenarios and evaluation of project implementation.

Under the guidance of the guide at the time, this experience recognized the benefits of a gateway testing platform to improve cross-border performance in the context of globalization. . Experience also shows that the integration of the bridge industry, central bank financial blockchain platform and Hong Kong interconnection platform, complete the joint venture mainly financial transactions and cross-border bridge payments.

Mu Changchun said that the future advantage bridge continues to use the industry to exploit new opportunities to expand the range of applications, improve the efficiency, relationships and differences of currency bridges, research many machines and trade to achieve the win-win situation. for all parties. As an international financial institution, Hong Kong can use all its energy, expand the “ring of friends” of the silver bridge, share and establish cooperation. From a different perspective, the currency bridge can also support Hong Kong banks, stock exchanges and other organizations in cross-border payments, promote local businesses, and create new construction opportunities.

Currently, the digital yuan has been tested in Shenzhen, Suzhou, Xiong'an, Chengdu, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and the “101” areas of the Beijing Winter Olympics. As of October, there were 140 million digital renminbi personal wallets, 10 million joint ventures, 150 million joint ventures, and revenues of 62 billion yuan. With over 3.5 million drivers and 1.55 million merchants supporting digital renminbi bags for public use, catering, transportation, shopping and government services.