A central bank digital currency trial focused on cross-border transactions involving China, Thailand, Hong Kong and the United Arab Emirates has been completed, as Beijing tries to internationalise its digital yuan.
More than 160 cross-border payments and foreign-exchange transactions totalling more than US$22 million were made during the first trial involving four central bank currencies and real-value transactions, the Bank for International Settlements (BIS) said, with Chinese state-owned banks participating.
