The People's Bank of China is issuing its own Digital RMB, which can be used in the same way as physical currency for transactions. After years of research, the Mainland's central bank has started to pilot this Digital RMB in a number of cities, including Shenzhen, since last year.
Many other countries are also developing their own digital currencies, but China is undoubtedly the most advanced among the major economies. In addition to making daily transactions faster and smoother, Digital RMB also gives the government more insights into money supply and capital flow, and facilitates the tracking of financial transactions.
As Hong Kong is the world's largest and most important offshore RMB business centre, how will it be affected by the emergence of Digital RMB? What should Hong Kong businesses do to prepare for the new currency?
Kera Kong, Strategic Planner, RMB Business Division, Economics & Strategic Planning Department, Bank of China (Hong Kong) Ltd, will discuss these issues at a June 10 webinar. She will also share the latest developments and prospects of Digital RMB as well as her views on some of the challenges ahead.