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 World Gold Council: Central Bank Gold Statistics READ MORE Nasdaq 100 at Risk? Citi Strategists Flag Potential Tech Sell-Off READ MORE Gold Prices Rise for Fifth Week Amid Iran-Israel Tensions READ MORE Investor Focus on Fed's Rate Strategy Boosts Gold During Rising Inflation READ MORE Home Sales Hit a New Low: 2023 Ends with Weakest Performance Since 1995 READ MORE Add a Comment Cancel replyYour email address will not be published.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