Historic $14M Digital Yuan Transaction for Gold Marks New Era in Cross-Border Trade In a landmark event, the Bank of China’s Shanghai branch has completed the first-ever cross-border precious metal transaction using the digital yuan, or e-CNY. On December 20, a 100 million yuan (approximately $14 million) settlement was made for a gold purchase through the Shanghai Financial Exchange International Board. This significant move not only enhances Shanghai’s role in the global trade market but also aligns with China’s strategy to promote its digital currency in international trade. The Bank of China Shanghai, a frontrunner in e-CNY pilot projects, has also been involved in importing iron ore using the digital currency. With President Xi Jinping’s endorsement, the digital yuan is gaining international traction, evidenced by partnerships with foreign banks and its acceptance in countries like Singapore and the United Arab Emirates. This development signals a potential shift in the dynamics of global trade and currency usage. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Turkish Markets Rally as Inflation Shows First Signs of Cooling READ MORE History Shows Interest Rate Cuts Aren't Good News for Profit Forecasts READ MORE Gold Hits New Heights, Eyes $2,200 Milestone Amid Rate Cut Speculation READ MORE The Dollar's Reign to End Eventually, but Not Anytime Soon, Says Krugman READ MORE Gold Demand Dips as Wedding Season Begins, Diamond and Gemstone Sales Rise READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment