The central bank and eight departments issued a document: jointly "explore international cooperation in digital finance", actively promote the cross-border application of the digital renminbi.
According to the "Opinions on Financial Support to Accelerate the Construction of the New Western Land-Sea Corridor" jointly issued by the People's Bank of China and eight departments, China is actively promoting the cross-border application of the digital renminbi and exploring new payment cooperation scenarios with places like Singapore.
This policy supports the provinces (regions, municipalities) along the route to participate in the multilateral central bank digital currency bridge project, promoting the use of central bank digital currencies for cross-border payments with Thailand, Hong Kong, the UAE, Saudi Arabia, and other places.
In addition, China encourages qualified provinces (regions, municipalities) along the route to build cross-border e-commerce digital service platforms and connect with cross-border e-commerce and trade digitization platform companies in countries like Singapore for digital renminbi cross-border payment pilot projects, to enhance the service capabilities of cross-border e-commerce.
It is noteworthy that against this policy backdrop, the Industrial and Commercial Bank of China Singapore branch recently also successfully launched the innovative pilot project for overseas recharge of digital renminbi personal wallets. This pilot was completed under the joint guidance of the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority of Singapore.
Now, Singapore users can directly recharge digital renminbi using local accounts and make QR code payments in China. This innovative practice not only adds new scenarios for digital renminbi consumption but also continues to deepen cooperation between China and Singapore in the field of digital renminbi.
These measures indicate that China is actively promoting the internationalization of the digital renminbi and exploring new cross-border payment cooperation models to facilitate international trade and investment. Through these efforts, China is committed to expanding the application scenarios for the cross-border use of the renminbi, aiming to enhance its position in the global financial system.