U.S. markets closed
  • S&P 500

    4,662.85
    +3.82 (+0.08%)
     
  • Dow 30

    35,911.81
    -201.79 (-0.56%)
     
  • Nasdaq

    14,893.75
    +86.95 (+0.59%)
     
  • Russell 2000

    2,162.46
    +3.02 (+0.14%)
     
  • Crude Oil

    84.18
    +0.36 (+0.43%)
     
  • Gold

    1,818.60
    +2.10 (+0.12%)
     
  • Silver

    22.99
    +0.07 (+0.29%)
     
  • EUR/USD

    1.1421
    +0.0005 (+0.05%)
     
  • 10-Yr Bond

    1.7720
    +0.0610 (+3.57%)
     
  • GBP/USD

    1.3679
    -0.0000 (-0.00%)
     
  • USD/JPY

    114.4320
    +0.2320 (+0.20%)
     
  • BTC-USD

    42,854.98
    -134.27 (-0.31%)
     
  • CMC Crypto 200

    1,031.69
    +5.96 (+0.58%)
     
  • FTSE 100

    7,542.95
    -20.90 (-0.28%)
     
  • Nikkei 225

    28,318.54
    +194.26 (+0.69%)
     

Hong Kong ‘Exploring’ Collaboration With China on Digital Yuan: Finance Chief

·1 min read

Hong Kong Treasury Secretary Christopher Hui said Wednesday the region’s government is considering collaborating with mainland authorities on China’s digital currency project, the digital yuan.

  • Hui said during a Legislative Council Q&A Hong Kong is most interested in wholesale and cross-border digital currency use cases, a contrast to China’s primarily retail-facing digital yuan, also known as DC/EP.

  • “If the [digital yuan] can be applied to cross-boundary payments, it would further promote the mutual connectivity” between China and Hong Kong, he said.

  • Officials at the Hong Kong Monetary Authority plan to continue discussing the digital yuan with their counterparts at the People’s Bank of China (PBoC), he said.

  • “In addition, the Financial Services Development Council has formed a working group to study how Hong Kong can seize the opportunities from DC/EP’s development,” Hui said.

  • Hui appeared to throw cold water on reports Wednesday that PBoC is already planning to trial-run the digital yuan in Hong Kong. But HKMA “will actively respond and collaborate” with PBoC if the interest is there, he added.

Related Stories