Digital Yuan's Popularity in Hong Kong Could Boost Its International Financial Center Status

According to Odaily, Hong Kong Legislative Council member Chen Zhenying has recently written an article titled 'Popularizing Digital Yuan to Strengthen the Position of the International Financial Center.' In the article, he revealed that the Faster Payment System (FPS) in Hong Kong processes over 1.25 million instant transactions in Hong Kong dollars daily. These transactions cover various applications, including payment of fees and consumption, providing a solid foundation and application scenarios for the further development of the digital yuan in Hong Kong. Chen Zhenying pointed out that Hong Kong was the first offshore market to participate in the practical application of the digital yuan. In the future, its application scenarios will evolve from individualized scenarios to inter-enterprise applications and cross-border transactions. He believes this will provide a significant impetus for the digital transformation of the international economy and the internationalization of the yuan, promoting the widespread use of the digital yuan at the international level.