Digital yuan pilot attracts Chinese province bordering Russia

Heilongjiang province in northeastern China has joined the bid to compete with 10 other cities to become the next digital yuan pilot city, it announced on Monday. 

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Fast facts

• Heilongjiang did not identify the city to be nominated as the bidding trial city. 

• The province, however, noted developing a financial hub in capital city Harbin to enhance financial cooperation with Russia. 

• Digital yuan historical transactions topped 87.565 billion yuan (US$1.238 billion) as of the end of 2021, and is just coming off the back of its international debut at the now-concluded Winter Olympics. 

• Hong Kong is slated to pilot cross-border payments with the digital yuan. 

See related article: Hong Kong makes apt testbed for e-CNY cross-border use