China Uses Digital Yuan to Trade Futures for the First Time

For the first time, China used the digital yuan to trade futures on the commodity exchange on the stock exchange in Dalian, Chinese media reported.

“Completely secure payment” for storage of goods in a warehouse was carried out at an auction in Dalian, northeast China, with the assistance of the Chinese Bank of Communications and the Bank of China. The deal is not subject to commission fees, the newspaper writes.

Moreover, the transaction was not affected by restrictions related to the period of operation of the payment system, which is very convenient for companies.

The Dalian Commodity Exchange intends to expand the scope of the digital yuan.

China began adopting the digital yuan in late 2019, with many Chinese cities joining the project, including Beijing.

The Central Bank of China said that since 2019, more than 1.32 million transactions have been registered in the country using the digital yuan, including in the field of transport and public catering, as well as in the registration of public services.

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