BOCHK makes first eCNY cross-border deal

Bank of China (Hong Kong) (2388) said it has completed the first-ever e-CNY cross-boundary transaction for a bulk commodity worth 24 million yuan (HK$26.16 million).

Working with its parent, the Bank of China (3988), BOCHK set up an e-CNY wallet for Bao-Trans Enterprises and received the digital yuan paid by Baosteel Group for imported iron ore.

It is the first case for BOCHK to support a local pilot enterprise to trade bulk commodities using e-CNY for cross-boundary settlement after the bank launched the "corporate e-CNY cross-boundary transaction pilot"

BOCHK deputy chief executive Xing Guiwei said e-CNY is technically advantageous in corporate cross-boundary transactions, beyond being used in daily consumption. The successful trial transaction can be helpful for the normalization of e-CNY usage among corporates and the further development of yuan internationalization, Xing added.