Standard Chartered China Is First Foreign Bank To Join China's CBDC Pilot Testing
Portfolio Pulse from Khyathi Dalal
Standard Chartered Bank (China) has begun offering digital yuan exchange services, making it the first foreign bank to join China's CBDC pilot testing. The bank is collaborating with City Bank Clearing Services to provide access to the digital yuan's interconnection platform. China's digital yuan, or e-CNY, has seen significant adoption with $253.6 billion in transactions and 120 million wallets since 2020. The pilot is active in 26 cities and provinces, and the digital yuan is expected to enhance payment experiences and international financial market integration.
November 27, 2023 | 10:00 pm
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Standard Chartered ADR (OTC:SCBFY) is the first foreign bank to offer digital yuan exchange services in China's CBDC pilot, potentially positioning it favorably in the Chinese market.
Being the first foreign bank to participate in the CBDC pilot could give Standard Chartered a competitive edge in the Chinese market. The involvement in the digital yuan initiative may attract new customers and partnerships, potentially boosting the bank's growth and reputation in the region. The positive sentiment around this news could lead to a short-term increase in SCBFY's stock price.
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