Guangdong Plans to Expand Digital Renminbi Application Scenarios and Promote Cross-Border Payment Pilot Expansion
Prefer us on GoogleThe draft of the "14th Five-Year Plan" for the development of the China (Guangdong) Pilot Free Trade Zone is open for public consultation. It proposes to enhance the quality of financial technology regulatory pilot programs and expand the application scenarios of digital renminbi. Support will be given to offshore finance, green finance, and other cross-border financial innovation businesses, promoting the expansion of pilot programs such as cross-border wealth management and digital renminbi cross-border payments. At the same time, financial institutions within the zone are encouraged to develop specialized products such as cross-border supply chain finance and intellectual property pledge financing, guiding market entities to develop composite financial products. The plan aims to deepen pilots for cross-border credit asset transfers and multi-currency unified accounts, promoting greater mutual recognition and connectivity of cross-border financial products.
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