e-CNY丨Xu Zhengyu: PBC and HKMA Exploring Digital Yuan Wallet Upgrade Plans

SighingCashier

2026-03-25 12:13:25

Abstract generation in progress

The Secretary for Financial Services and the Treasury, Christopher Hui, responded in writing to a Legislative Council member’s question, stating that the People’s Bank of China and the Hong Kong Monetary Authority are committed to optimizing the digital yuan (e-CNY) arrangements. They are exploring upgrades to the digital yuan wallet, including its feasibility, to increase wallet usage limits, expand application scenarios, and improve user experience. As these involve policy and technical details that require further discussion, specific plans and timelines are yet to be finalized.

Hui mentioned that the number of local merchants accepting digital yuan has increased from about 300 initially to approximately 5,200 now, including chain retail stores, hotels, travel agencies, restaurants, convenience stores, and supermarkets. The mainland operating institutions responsible for managing the digital yuan wallets have grown from four to five, and the local banks participating in the “Faster Payment System” (FPS) digital yuan wallet service have increased from 17 to 18.

He stated that the government and financial regulators will continue to explore the potential and application scenarios of various new payment tools, better leverage their synergistic effects, and address more pain points in the real economy.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.