China expands digital yuan usage for cross-border trade

China is promoting the use of its digital yuan, also known as e-CNY, for cross-border trade in its Belt and Road initiative. The city of Xuzhou plans to allow the use of e-CNY to pay for services and storage charges for goods carried by cross-border trains, with plans to extend its usage to pay taxes and utility services in the city. The Hong Kong Monetary Authority is also testing the digital yuan as a cross-border payment tool in the Guangdong-Hong Kong-Macau Greater Bay Area, while the Chinese government ramps up its CBDC efforts amid a shift away from the U.S. dollar in international trade markets. (Read More)

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BRICS Bank President Dilma Rousseff Calls for the Creation of a Global South Focused Financial System

Dilma Rousseff, president of the New Development Bank — also known as the BRICS bank — and former Brazilian president, has called for establishing a financial architecture designed for the so-called Global South. In a keynote speech at the 14th Lujiazui Forum, Rousseff remarked on the importance of this new structure for promoting sustainable growth.

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