TechFlow news, according to the Shanghai Securities News, the Shanghai Branch of Bank of China has closely collaborated with the Shanghai Gold Exchange to complete a 100-million-yuan cross-border digital yuan settlement for precious metals trading, achieving the "first-ever" cross-border digital yuan payment in financial factor markets.
A responsible official from Bank of China's Shanghai Branch said: "We worked jointly with Bank of China’s Shanghai RMB Trading Business Headquarters and Bank of China (Hong Kong) to complete this transaction, successfully transferring funds received from overseas into the Shanghai Gold Exchange’s International Board FTZ RMB account via digital yuan, contributing financial support to Shanghai’s enhanced free trade zone strategy and upgrading of its international trade center."
It is understood that the Shanghai Branch of Bank of China has consistently leveraged financial innovation to advance digital yuan pilot programs: it successfully facilitated Baowu Group’s payment for imported iron ore using digital yuan, marking the first cross-border digital yuan payment in the bulk commodities sector; it also launched the digital yuan project for BNP Paribas (China), providing system support for foreign-invested financial institutions to conduct digital yuan business and meeting enterprises’ needs for digital yuan payments and other services.
