In a groundbreaking move, China has successfully completed its inaugural cross-border settlement for precious metals through the use of the digital yuan central bank digital currency (CBDC), commonly known as the e-CNY. The Bank of China‘s Shanghai branch executed a seamless 100 million yuan ($14 million) e-CNY CBDC settlement for gold on the Shanghai Financial Exchange International Board. This achievement represents a significant stride in China’s ongoing efforts to encourage the adoption of its digital currency on the global stage. The Bank of China emphasized the transaction’s importance in supporting Shanghai’s free trade pilot zone strategy and elevating the status of the international trade center.
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