China accelerates CBDC pilot with cross-border precious metals transaction
China’s major lender has concluded the cross-border settlement for precious metals trading with digital yuan. The Bank of China is set to expand the application of the country’s digital currency as the Beijing-based commercial bank has completed the first cross-border settlement for precious metals trading with digital yuan, the South China Morning Post reports. The Shanghai branch of the state-owned bank has reportedly conducted the settlement, transferring 100 million yuan (around $14 million) in cash from an overseas buyer and depositing the funds as digital yuan into an account under the Shanghai Gold Exchange. The transaction is also said to involve collaboration with the bank’s Hong Kong branch. The Bank of China has a history of engaging in pilot projects involving the country’s central bank digital currency (CBDC), actively participating in various digital transaction s. You might also like: Standard Chartered China provides digital yuan exchange services The ba