Former Governor of China’s central bank, Zhou Xiaochuan, expressed optimism about the country’s central bank digital currency (CBDC) nearing completion. Speaking at a conference in Hong Kong, Zhou stated that the ‘digital yuan’ is already on track and the final stage is not far away. His remarks came shortly after the central bank released a white paper on the cross-border e-CNY solution.
“A ‘digital yuan’ is already on track. The final stage is not very far away.”
– Zhou Xiaochuan, Former Governor of China’s central bank
Zhou, who served as the Governor of the People’s Bank of China (PBOC) for 16 years, highlighted the significance of digital currencies and the success of China’s CBDC project since its debut in 2019. He identified challenges such as mobility, convertibility, data protection, and privacy issues, which the bank aims to address.
The conference, organized by the Hong Kong Monetary Authority (HKMA) and the Bank for International Settlements (BIS), saw the participation of over 20 incumbent and former central bank governors. Various topics, including financial stability, inflation, and labor markets, were discussed during the event.
China’s digital yuan trials gained further support as the Chinese arm of Standard Chartered Bank joined forces with City Bank Clearing Services to provide access to the CBDC’s interconnection platform.
