Hong Kong To Expand Digital Yuan Trials

According to Odaily, Hong Kong is set to expand its trials of the digital yuan, making it the first location outside of mainland China to test the cross-border use of the digital currency. The trials have been ongoing for several years and are now entering a direct route. The Hong Kong Monetary Authority (HKMA) is expected to announce details of the digital yuan's rollout in Hong Kong as early as this Friday, further expanding the scope of the digital yuan trials in the city. In the initial stages, Hong Kong residents will be able to open digital yuan wallets through the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Bank of Communications. They will be able to top up their wallets via the Faster Payment System (FPS), directly debiting from their yuan accounts, or debiting from their Hong Kong dollar accounts and instantly converting to yuan. They can also top up their wallets using bank cards, making it easier for Hong Kong residents to make cross-border payments to the mainland. The HKMA is expected to hold a press conference as early as tomorrow afternoon to announce the details of the digital yuan's cross-border use in Hong Kong. The conference will be chaired by the Deputy Chief Executive of the HKMA, Lee Tak-chi. The aim of this expansion is to enable more Hong Kong residents to conveniently open and use digital yuan wallets, and through the FPS top-up, facilitate Hong Kong residents who need to make cross-border payments to the mainland, and make it easier for mainland tourists to spend digital yuan in Hong Kong.