Guangxi FTZ advances digital yuan trials

The China (Guangxi) Free Trade Zone is deepening digital yuan trials, with breakthroughs in cross-border and livelihood scenarios to boost financial opening-up to ASEAN.

In cross-border trade, local banks are utilizing the "Multi-Central Bank Digital Currency Bridge". Bank of China's (BOC) Nanning branch completed 12 settlements totaling 511 million yuan ($70.97 million) in Nanning and Fangchenggang, while Industrial and Commercial Bank of China facilitated transactions in Qinzhou Port.

Other lenders are expanding their reach too. Bank of Communications handled both small remittances and larger capital transfers, and Postal Savings Bank extended services to cover import payments, showing scalable potential in trade.

In livelihood and consumption, the digital yuan is gaining traction. China Construction Bank issued car-purchase vouchers that drove significant consumption, while Postal Savings Bank integrated the currency into a popular app for cultural payments.

Local lender Guangxi Beibu Gulf Bank promoted awareness through activities and issued a 3-billion-yuan digital yuan bond, exploring new financial applications.

These efforts are building a robust digital yuan ecosystem, injecting vitality into regional economic development.