04 September 2023
On 4 September 2023, the People's Government of the Luohu District of Shenzhen Municipality and the Shenzhen Municipal Local Financial Regulatory Bureau jointly issued the “Work Plan on Jointly Establishing an Ecology Demonstration Zone for Digital Renminbi (“RMB”) Application” (“the Plan”). The Plan aimed to explore cross-border payments, including supporting the application of digital RMB on Multilateral Central Bank Digital Currency Bridge (“m-CBDC Bridge”) and facilitating cross-border settlements in the Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”). The Plan also proposed to establish an infrastructure and major platform of digital RMB, strengthen the connection with Hong Kong, and promote foreign licensed financial institutions setting up financial infrastructure.