Friday, March 29, 2024
26.7 C
Haikou

Bo’ao Forum for Asia (BFA) Agenda Overview

Discussions on investment, technology, and climate action at the Boao Forum for Asia 2024 Annual Conference. Agenda Overview: March 26-29

Hainan Free Trade Port Encouraged Industries Catalogue (2024 edition)

Everything you need to know about the Hainan Free Trade Port Encouraged Industries Catalogue (2024 edition)

Permanent Residence Identity Cards now Enable Simplified Business Registration...

Hainan Province pioneers using Permanent Residence Identity Cards for simplified business registration, fostering a more inviting investment climate

All tariffs removed from NZ dairy entering China from...

New Zealand said on Monday all its dairy products were now able to enter China duty-free as safeguard duties on milk powder ended on Dec. 31st
HomeBusiness NewsBo'ao; focus of...

Bo’ao; focus of digital RMB to lower costs, be more efficient and promote domestic use

April 17th, the slogan “Support Digital RMB Payments” could be seen at merchant stores in Bo’ao Town, Qionghai City.

Currently, Qionghai has more than 1,200 stores accepting digital RMB transactions with commercial banks supporting over 70 digital RMB stores in Bo’ao Town.

Bo’ao State Guesthouse, Bo’ao Holliyard Hotel, Bo’ao Airport and Bo’ao Lecheng Easeheal Wellness Resort are all carrying out pilot projects.

Qionghai it seems is taking full advantage of the Bo’ao Forum for Asia annual 2021 conference to promote the digital RMB focusing on hotels and shopping malls in Bo’ao and the Bo’ao Lecheng International Medical Tourism Pilot Zone to actively expand B-end merchants and C-end users.

On April 18, a “Digital Payment and Digital Currency” sub-forum of the Bo’ao Forum for Asia 2021 Annual Conference was held.

Li Bo, Deputy Governor of the People’s Bank of China, at the Boao Forum on Sunday remarked that “the current focus of the development of the digital Yuan is to promote its domestic use.”

China’s former central bank chief and Vice-Chairman of the Board of the Bo’ao Forum for Asia (BFA) Zhou Xiao chuan said in the session that China’s digital currency started out with a focus on its massive retail market.

The goal was to design a system, to set up one that lowers costs and is more efficient. The idea of it going global was really not part of the consideration, Zhou Xiao, Vice-Chairman of the Board of the Bo’ao Forum for Asia (BFA)

At present, digital RMB payment in Hainan province is still in the pilot stage, and users need to apply to join a “trial whitelist” and download a digital RMB APP to use it.

The Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications and Postal Savings Bank of China have now all begun distributing their own digital Yuan wallets to customers who apply to join the white list.

Cross border use of the digital currency

Zhou Xiao chuan at the sub-forum commented that, “each country has control over its own economy and currency sovereignty, therefore, if the central bank’s digital currency was to be developed, many countries will have their own digital currencies, which are based on their own currency and under their own rules. In this case, cross-border use of digital currency will be very complicated.”

He also said that the digital currency in China was not created for cross-border payment, but more for the domestic wholesale scenario.

“Perhaps in the long run there will be a move towards monetary integration, but it doesn’t work yet.”

Source:

Related article: New policies, including increased yuan convertibility and market access for foreign investors in Hainan

Tropicalhainan.com launched it’s official mini programme and WeChat account, scan the Qr code to keep up to date with news, sports, entertainment, travel, opinion and more.

Mini programme ad for middle of articles

Latest properties for rent

Two bedroom apartment-rental lease transfer

Room 301, Building 9, Hongdao Garden, No. 352 Yehai Avenue, Chengxi Town 海南省海口市龙华区城西镇椰海大道352号港岛花园9栋301房
2
Bedrooms
1
Bathrooms
80.57 m2
Living area
¥2700

Guanhai Coffee Xixiu Beach

Sitting just a few steps away from Xixiu Beach in Haikou, Guanhai Coffee offers a nice escape for beach lovers and coffee enthusiasts alike. Its open-air setting and comfortable outdoor seating provide a nice...

Middle, primary school & Kg teachers needed – Sanya, Hainan – Aug 2024

Experience the best of both worlds - a fulfilling teaching career and an idyllic island lifestyle. Join our international school in Hainan this August...

UNIVERSITY LECTURER IN EARLY EDUCATION HAINAN

For this subject, we have several courses that require face-to-face teaching by a foreign teacher, with no more than 20 hours of teaching per...

Primary Homeroom Teacher Hainan Campus

The goal of Haidian Foreign Language Academy is to develop students that have the skills to be successful in both a Chinese and Western...

Related articles:

Bo’ao Forum for Asia (BFA) Agenda Overview

Discussions on investment, technology, and climate action at the Boao Forum for Asia 2024 Annual Conference. Agenda Overview: March 26-29

Hainan Free Trade Port Encouraged Industries Catalogue (2024 edition)

Everything you need to know about the Hainan Free Trade Port Encouraged Industries Catalogue (2024 edition)

Permanent Residence Identity Cards now Enable Simplified Business Registration for Foreign Investors in Hainan

Hainan Province pioneers using Permanent Residence Identity Cards for simplified business registration, fostering a more inviting investment climate

All tariffs removed from NZ dairy entering China from Dec 31

New Zealand said on Monday all its dairy products were now able to enter China duty-free as safeguard duties on milk powder ended on Dec. 31st

Get weekly email updates for new articles published!

Haikou
moderate rain
26.7 ° C
26.7 °
26.7 °
75 %
1.6kmh
100 %
Fri
26 °
Sat
32 °
Sun
34 °
Mon
35 °
Tue
35 °

Cosy Stays Beyond the Ordinary

Relax, Unwind, and Explore Hainan's Hidden Gems

Guanhai Coffee Xixiu Beach

Sitting just a few steps away from Xixiu Beach in Haikou, Guanhai Coffee offers a nice escape for beach lovers and coffee enthusiasts alike....

Romantic Turkey Halal Restaurant

Experience the Essence of Turkey at Romantic Turkey Halal Restaurant!Step into a culinary haven where the heart of Turkey comes alive on your plate....

Iron Hand Coffee

At Iron Hand Coffee, we specialize in both specialty blends and classic black or white coffee—all at prices that won't break the bank. Our...
spot_img

Bored? Need to get out more?

Latest News ...

China-Thailand Visa Exemption Agreement Takes Effect: Visa-Free Travel for Passport Holders

China-Thailand visa pact begins Mar 1st, allowing 30-day stays for passport holders, hassle-free journeys for closer ties

Fourth China Int’l Consumer Products Expo: Latest Developments and Key Highlights

The Fourth China International Consumer Products Expo is nearing 90% completion, as thousands of exhibits from almost 50 countries and regions are confirmed for participation.

Hainan Cuts Down Payment for First Time Home Buyers

Hainan Province has moved to cut down-payment ratio for first-time homebuyers, the latest region in the country to ease mortgage policies to boost slumping home sales.

Hainan Responds to Lunar New Year Travel Surge

As Lunar New Year travel surges, Hainan grapples with congestion. Increased flights and ferry services deployed to ease stranded tourists
spot_img

Looking for an international pre-school in Haikou?

Flora's International Preschool has three preschools in the Haikou area. Our schools follow a European curriculum

Continue Reading ...

The Porch Café Friday Special; Baked Beef Chimichangas

Introducing our Baked Beef Chimichangas – a tantalizing twist on traditional comfort food that's sure to become a family favourite! Tender, seasoned beef wrapped in a warm tortilla, baked to golden perfection, and served with all your favourite toppings. With each bite, you'll experience a burst of flavour reminiscent of home-cooked goodness.

Haikou Bay Performing Arts Centre Grand Theatre March Events

This March, immerse yourself in the timeless ballet composed by Pyotr Ilyich Tchaikovsky as well as the melodies of Wolfgang Amadeus Mozart, Ludwig van Beethoven, and Dmitri Shostakovich as their music comes to life on stage ...

Artists and Craftsmen International Exhibition – February 2024

Join us for a celebration of creativity at the Artists and Craftsmen International Exhibition, taking place on February 23-25, 2024, from 16:00 to 22:00 at Le Cape Shopping Mall.

Get weekly email updates for new articles published!

Never miss another important notice or event. Be informed of what you need to know, when you need to know it.