Qingdao FTZ pioneers digital RMB in cross-border payments

Recently, Qingdao Port International Logistics Co. in the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ) completed the first transaction using multilateral central bank digital currency bridge for digital RMB settlement, marking a significant milestone in cross-border payments for digital RMB.

The Qingdao Area of the China (Shandong) Pilot Free Trade Zone. [Photo by Miao Hongtian/for chinadaily.com.cn]

The company utilizes cross-border RMB for substantial settlements. To enhance payment security and diversify payment channels, Bank of Communications Qingdao Branch employs multilateral central bank digital currency bridge clearing. This supports seamless cross-border RMB payments for export shipping fees, reducing costs, and enhancing efficiency and transparency.

In recent years, Qingdao FTZ has advanced the application of digital RMB in shipping, trade, finance, and other sectors. It explores unique scenarios, optimizes acceptance environments, and innovates payment applications, achieving 19 pilot experiences across government, business, and personal sectors.

The zone will continue to expand the application of digital RMB in commodities and cross-border payment fields, further contributing to serving physical enterprises.