HSBC China has become the first foreign bank in China to offer electronic Chinese Yuan (e-CNY) services to both retail and corporate clients, as announced by the bank.

The e-CNY, also known as the digital yuan, is a digital currency issued by the People’s Bank of China and is intended to replace physical currency.

HSBC Bank (China) Co. Ltd. stated that its corporate clients can now link their accounts with digital yuan accounts to manage their funds.

In addition, HSBC has assisted an educational group in receiving e-CNY payments for their six branches located in Shanghai, Beijing, Guangzhou, Jiaxing, and Suzhou.

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