Hong Kong Monetary Authority: It is expected that the digital renminbi will further expand its pilot scope in Hong Kong

On March 27th, Li Dazhi, Vice President of the Hong Kong Monetary Authority, announced that the Hong Kong Monetary Authority has been working with the Digital Currency Research Institute of the People's Bank of China to promote cross-border pilot testing of the digital renminbi in Hong Kong. Following the completion of exercises with multiple operating institutions and local banks earlier this year, it is expected that the digital renminbi will further expand its pilot scope in Hong Kong. Li Dazhi stated that more Hong Kong citizens will be able to easily open and use digital RMB wallets, and recharge their digital RMB wallets through "fast transfer" to facilitate the payment needs of Hong Kong residents living or consuming in the mainland; Mainland tourists can also use digital RMB wallets to make purchases in Hong Kong, providing payment support for the "one hour living circle" of the Guangdong Hong Kong Macao Greater Bay Area. (Shanghai Securities Journal)