China Digital Yuan used for storage fees

According to a report in China’s Securities Journal in August 2021, Dalian Commodity Exchage used China’s digital yuan to pay storage fees to a delivery warehouse, marking the first use of its kind within the domestic futures market. Local branches of the Bank of Communications and the Dalian branch of the Bank of China assisted in the transaction.

The interbank payment using the e-CNY afforded a zero-cost, efficient, and convenient payment option in real time, according to the report.

During the Winter Olympics in Beijing next year, foreign visitors will be able to access and trial China’s digital currency without needing to open a local bank account. China is working to make the digital yuan an internationally used CBDC with the Hong KonG Monetary authority testing it as well.

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