Zhou Xiaochuan: Digital RMB is one of the modern public financial infrastructures, which will achieve the overall coordination and integration of the national payment market

Chain Catcher News, Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia, pointed out on September 8 at the "2022 Second China (Beijing) Digital Finance Forum" that the digital renminbi is one of the modern public financial infrastructures and represents a significant upgrade of the central bank's payment system in terms of technology, organizational structure, and business model. Through this upgrade, it will achieve the overall coordination and integration of the national payment market, break down payment barriers, enhance user experience, and provide important foundational support for the development of digital finance.

"Many central banks around the world have begun to develop central bank digital currencies, and China has always been at the forefront. The DC/EP digital renminbi pilot project has achieved rich practical results, with application scenarios continuously expanding and broad prospects," Zhou Xiaochuan noted. Compared to developed countries like the US and Europe, which focus on cross-border payments for digital currencies, the digital renminbi emphasizes the retail payment segment.

Zhou Xiaochuan stated, "It is clear that retail payment is an important foundation for effective cross-border payments. Imagine if two countries do not have efficient and secure digital currency retail payment arrangements, it would be difficult to achieve cross-border connectivity." At the same time, Zhou Xiaochuan also mentioned that cross-border payment and settlement of central bank digital currencies require coordination and cooperation between countries in terms of foreign exchange management policies and financial infrastructure. (Caixin)