Digital Yuan to be Tested in the Greater Bay Area

According to the local news agency Southern Daily, the Chinese digital yuan, also known as digital currency electronic payment, or DCEP, will be rolled out for testing in the Greater Bay Area in the coming weeks.

The Greater Bay Area is a metropolitan area of nine cities, including Guangzhou, Shenzhen, and Hong Kong and Macau. It is a major financial and technology center in Asia that is actively involved in international trade and has a well-developed business environment.

China is reportedly planning to turn the Greater Bay Area into a thriving economic hub focused on the digital yuan. Financial institutions and firms that handle large volumes of cross-border payments will be the first to test DCEP. It is expected that, during the testing, it will be possible to close 2,779 loans issued to 524 companies, the total volume of which is estimated at $7.8 bln.

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