[Commentary] On April 1, the State Council Information Office held a press conference.
At the meeting, Wang Xin, director of the Research Bureau of the People's Bank of China, said that the People's Bank of China and the Hong Kong Monetary Authority have conducted technical tests on the cross-border use of digital renminbi in the early stage.
When conditions are ripe, digital renminbi can realize cross-border transactions.
[Concurrent] Wang Xin, Director of the Research Bureau of the People's Bank of China
The design of our (China) digital renminbi is mainly used for domestic retail payments, but when conditions are ripe, if there is such a demand in the market, using digital renminbi for cross-border transactions can also be achieved.
In the early stage, the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority conducted a technical test on the cross-border use of digital renminbi in the Mainland and Hong Kong. This technical test is a routine R&D test of the renminbi pilot.
[Explanation] Currently, the digital renminbi is being tested in many regions and scenarios in China.
Wang Xin said that the digital renminbi pilot program will be further promoted to accumulate more experience.
[Concurrent] Wang Xin, Director of the Research Bureau of the People's Bank of China
The digital renminbi is also being tested and used in many areas of the country, and will also be used in the Winter Olympics scene.
The People's Bank of China has steadily promoted the research and development and testing of digital renminbi. There are more and more test areas and test scenarios, and it has accumulated good experience.
On the whole, the participating institutions and participating regions reported positively and positively.
For example, digital renminbi red envelopes during the Spring Festival, then these are just examples, it is getting closer and closer to us.
I hope to further enrich the relevant scenes and accumulate more experience.
[Explanation] In response to the recent exposure of small and medium-sized banks in the issue of "beautiful gift loans" and "cemetery loans", Zou Lan, Director of the Financial Markets Department of the People's Bank of China, said in response that such loans are essentially consumer loans, and they are used to create gimmicks. Propaganda to win customers touches the bottom line of social public order and good customs.
In this regard, the People's Bank of China will implement effective supervision and guidance.
[Concurrent] Zou Lan, Director of the Financial Market Department of the People's Bank of China
We must continue to urge banking financial institutions to adjust and optimize their credit structure, invest more funds in the real economy such as small, medium and micro enterprises, and insist on serving the real economy; support banks to integrate the real economy under the premise of controllable risks and prudential compliance. The actual need to innovate targeted products and services.
For practices that are contrary to public order and good customs and run counter to the country's major policies, we should promptly correct them; take multiple measures to effectively improve the ability of small and medium-sized banks to serve the real economy.
Cheng Yu reports from Beijing
Editor in charge: [Wang Kai]