Economic Daily: Accelerate the Application of Digital Renminbi and International Cooperation

ChainCatcher news, Economic Daily published an article titled "Accelerate the Application of Digital Renminbi and International Cooperation".

The article points out that it is necessary to strengthen cooperation with economies that are major trade partners of our country, economies that have a demand to reduce reliance on other major currencies, and economies that have a demand for currency diversification in international transaction pricing, clearing, and foreign exchange reserves. It advocates for actively and steadily carrying out pilot projects for cross-border payment clearing and international cooperation with digital renminbi through multiple measures, expanding the coverage and application of digital renminbi in regional economic trade and investment cooperation, enhancing the inertia and stickiness of using digital renminbi, researching and analyzing the reserve demand for digital renminbi from trading partner countries, and better considering the promotion of digital renminbi in the construction of the cross-border payment system and the cross-border receipt and payment information management system for renminbi.

In addition, further research should be conducted to improve the application of multilateral central bank digital currency bridge solutions in cross-border fund allocation, international trade settlement, and foreign exchange transactions, addressing the existing challenges of low security, low transparency, low efficiency, and high costs in several mainstream models of cross-border payment and clearing.