The Hong Kong Monetary Authority (the HKMA) and the Digital Currency Institute of People’s Bank of China (the PBOC) are discussing the technical pilot testing of using e-CNY, the digital renminbi issued by the PBOC, for making cross-border payments, and are making the corresponding technical preparations. As noted by the HKMA, the renminbi is already in use in Hong Kong and the status of e-CNY is the same as cash in circulation, and this will bring even greater convenience to Hong Kong and Mainland tourists. While there is not yet a timetable for the launch of e-CNY, it will offer an additional payment option to those in Hong Kong and the Mainland who need to make cross-border consumption. From a longer-term perspective, Hong Kong has a good chance of building a regional cross-border payment platform by riding on the global trend of strengthening fintech cooperation.
Source – https://www.hkma.gov.hk/eng/news-and-media/insight/2020/12/20201204/
