Posted 12/11/2023, 7:31:50 AM
China and Singapore Launch Cross-Border Digital Yuan Pilot to Boost Tourist Spending and Reduce Dollar Usage
- China and Singapore allowing tourists to pay in digital Chinese Yuan instead of US dollar to enhance convenience and reduce dollar usage
- China's central bank launched digital Yuan pilot for overseas travelers to pay with it
- Singapore expanding financial cooperation with China, launching cross-border e-CNY pilot
- Pilot will allow travelers to use e-CNY for tourism spending in Singapore and China
- Part of China's efforts to uproot dollar dominance in global markets and convince developing countries to cut dollar ties