{"id":89090,"date":"2023-11-27T00:07:35","date_gmt":"2023-11-27T05:07:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/china-links-cbdc-to-worlds-biggest-commodities-market\/"},"modified":"2023-11-27T00:07:36","modified_gmt":"2023-11-27T05:07:36","slug":"china-links-cbdc-to-worlds-biggest-commodities-market","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89090","title":{"rendered":"China Links CBDC to World\u2019s Biggest Commodities Market"},"content":{"rendered":"<div>\n<figure id=\"attachment_136511\" aria-describedby=\"caption-attachment-136511\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-136511\" class=\"wp-caption-text\">Source: kitti\/Adobe<\/figcaption><\/figure>\n<p>A state-owned Chinese bank will link the digital yuan to the \u201cworld\u2019s biggest small commodities market\u201d via the latter\u2019s payment platform.<\/p>\n<p>Per the People\u2019s Daily, the new \u201ccross-border\u201d CBDC drive is the brainchild of the Bank of China and the city of Yiwu.<\/p>\n<p>Not to be confused with the central People\u2019s Bank of China, the Bank of China is a leading commercial bank.<\/p>\n<p>It is majority-owned by the Chinese state and is thought to be the world\u2019s fourth-largest financial institution.<\/p>\n<p>Yiwu\u2019s Futian District, in Zhejiang Province, is home to a 7km-long market.<\/p>\n<p>Its thousands of vendors retail \u201csmall\u201d commodities to importers the world over.<\/p>\n<p>The Bank of China deal will see digital yuan interoperability options added to a payment platform named Yiwu Pay.<\/p>\n<p>Yiwu launched Yiwu Pay, a \u201cglobal payment platform,\u201d earlier this year, claiming that it could provide service to \u201c100 countries and regions.\u201d<\/p>\n<p>The platform can handle payments in 16 fiat currencies, allowing customers and vendors to make and receive international payments.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Yiwu, the world&#8217;s largest wholesale market for small commodities in E China&#8217;s Zhejiang, launched its own global payment platform &#8220;Yiwu Pay&#8221; on Mon. Its service has covered over 100 countries and regions and provides 16 mainstream currencies for international payments. <a rel=\"nofollow\" href=\"https:\/\/t.co\/QowjQkrcgv\">pic.twitter.com\/QowjQkrcgv<\/a><\/p>\n<p>\u2014 People&#8217;s Daily, China (@PDChina) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/PDChina\/status\/1628288480240345089?ref_src=twsrc%5Etfw\">February 22, 2023<\/a><\/p>\n<\/blockquote>\n<p>The development allows merchants to process digital yuan \u201ccross-border payments.\u201d<\/p>\n<p>It will also integrate \u201ccross-border capital circulation\u201d compliance solutions for digital CNY customers.<\/p>\n<p>The solution will also adhere to an array of foreign exchange compliance protocols.<\/p>\n<p>The bank said that the solution had already been \u201csuccessfully implemented\u201d by some Yiwu-based merchants.<\/p>\n<figure id=\"attachment_136512\" aria-describedby=\"caption-attachment-136512\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-136512\" class=\"wp-caption-text\">Buildings in the Futian District of Yiwu, China. (Source: iamdanw [CC BY 2.0])<\/figcaption><\/figure>\n<h2>Chinese Digital Yuan Making Cross-border Progress<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The breakthrough comes months after Yiwu announced that 90% of its vendors accept digital yuan payments.<\/p>\n<p>The city claimed that its market was collectively aiming to process some $1.5 billion worth of CBDC transactions before the end of the year.<\/p>\n<p>Yiwu is unofficially known as the \u201cworld\u2019s capital of small commodities,\u201d manufacturing and trading items such as clothing, toys, household goods, smartphone accessories, and jewelry.<\/p>\n<p>Its vendors have established trade relations with more than 230 countries and regions around the world.<\/p>\n<p>The physical Futian District marketplace remains popular among tourists.<\/p>\n<p>But in recent years, the city has looked to expand its online presence, supplying many leading international e-commerce platform clients.<\/p>\n<p>Chinese banks have been expanding their efforts to move the digital yuan into the cross-border payments space in recent months.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/china-links-digital-yuan-to-worlds-biggest-commodities-market.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: kitti\/Adobe A state-owned Chinese bank will link the digital yuan to the \u201cworld\u2019s biggest small commodities market\u201d via the latter\u2019s payment platform. Per the People\u2019s Daily, the new \u201ccross-border\u201d CBDC drive is the brainchild of the Bank of China and the city of Yiwu. Not to be confused with the central People\u2019s Bank of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":89091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-89090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China Links CBDC to World\u2019s Biggest Commodities Market | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: kitti\/Adobe A state-owned Chinese bank will link the digital yuan to the \u201cworld\u2019s biggest small commodities market\u201d via the latter\u2019s payment\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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