China takes small step away from currency controls with digital wallet

(17 May 2024)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
Hong Kong - 17 May 2024
1. Various of Hong Kong Monetary Authority news conference
2. SOUNDBITE (English) Howard Lee, Deputy Chief Executive of Hong Kong Monetary Authority:
"So this is a digital representation of the Renminbi bank note, so we treat this basically similar to the bank note, and will require no additional regulation. It's different from wallets operated by E-wallet operators in the sense that the E-CNY in the wallets are backed by the People's Bank of China, very much like the bank notes, not by individual organisations, so there is a substantive difference here."
3. Various of bank staff representing banks from mainland China demonstrating their technology for using the electronic Chinese currency
STORYLINE:
Hong Kong announced that it will accept new electronic version of the Chinese currency on Friday.

The Hong Kong Monetary Authority on Friday stated new ways of using Chinese currency for Hong Kong residents, which will allow them to use digital currency for transactions locally, but also in some stores in Mainland China.

China's currency is usually referred to as Renminbi, or RMB, but also as CNY.

"We treat this basically similar to the bank note, and will require no additional regulation," said Howard Lee, Deputy Chief Executive of Hong Kong Monetary Authority.

The system, which uses the digital currency, E-CNY, will be managed by the People's Bank of China, the country's central bank.

Beijing has tried to keep strict control of foreign exchange with China's currency not yet made available for international commerce.

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