Standard Chartered China Offering Exchange Services for Digital Yuan
Summary
Standard Chartered bank's China division is now offering exchange services for China's central bank digital currency (CBDC), known as digital yuan or e-CNY. This development is part of a collaboration with City Bank Clearing Services, providing customers with recharge and redemption options. Standard Chartered is also a participant in the CBDC's business pilot, making it one of the first foreign companies to get involved. The e-CNY has the highest advancement level among CBDCs being studied or created by major economies, with a total transaction volume of 1.8 trillion yuan ($250 billion) at the end of June this year.
