ChainCatcher news, according to Jinshi reports, the "Yongxing-Guofu-Ningbo Intellectual Property Phase 1 Asset-Backed Special Plan (Specialized and Innovative)" managed by Yongzheng Asset Management and sold by Yongxing Securities held its listing ceremony on the Shanghai Stock Exchange, with an initial issuance scale of 138 million yuan, a term of 1 year, and a coupon rate of 2.2%. The product's senior debt rating is AAA, making it the first intellectual property securitization product issued in the form of digital renminbi nationwide, and it marks a breakthrough for Ningbo's intellectual property securitization project.

ChainCatcher news, according to the "Maoming City" WeChat public account, Maoming City (a prefecture-level city in Guangdong Province) is continuously promoting the pilot work of digital RMB. Recently, I learned from the Maoming branch of the People's Bank of China that the party and government agencies and public institutions in Maoming City have fully implemented the distribution of subsidies in digital RMB.In July this year, the Maoming Municipal Finance Bureau and the Maoming branch of the People's Bank of China jointly issued the "Notice on the Pilot Work of Distributing Subsidies in Digital RMB." According to the requirements of the "Notice," the party and government agencies and public institutions in Maoming City began to fully implement the distribution of subsidies in digital RMB starting in September. By the end of October, a total of 359 budget units in the city had implemented the distribution of subsidies in digital RMB, with a cumulative total of 75,883 instances of subsidies distributed to administrative agencies and public institutions, amounting to 81.738 million yuan.At the same time, Maoming is also promoting the quality, expansion, and efficiency of the digital RMB pilot work, expanding multi-channel payment methods. In the next step, Maoming City will continue to promote the distribution of salaries in digital RMB for all budget units in the city. Additionally, it will actively promote the construction of a digital RMB application demonstration area in the eastern section of the Maonan River in Maoming City.

ChainCatcher news, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, recently pointed out in an article in the "Current Affairs Report" that the digital renminbi features a dual-layer operational framework, combining both account and value models. In the future, the digital renminbi will deepen its development in areas such as cross-border payments and smart contracts, aiding in the internationalization of the renminbi and the construction of a unified domestic market.The digital renminbi integrates both account and value models and achieves a unified ledger through data capability construction: under the account model, it can be integrated and interconnected with the traditional banking account system; under the value model, it can facilitate value exchange in the form of currency strings, providing smart payments on the blockchain and usable in extreme offline scenarios such as "no network" and "no electricity," optimizing traditional trade finance processes and supporting cost reduction and efficiency enhancement.

ChainCatcher message, the full text of the revised "Regulations on Promoting the Construction of an International Financial Center in Shanghai" has been released, which states that the Shanghai Municipal People's Government shall cooperate with the central financial management departments to steadily promote the research and application of digital RMB in the city, build functional platforms such as a digital RMB innovation and operation center, facilitate the cross-border use of digital RMB, study applications of digital RMB supporting blockchain value system payments, and promote more projects to be included in the multilateral central bank digital currency bridge.The local financial, development and reform, finance, commerce, transportation, data, civil affairs, education, and other departments of Shanghai should cooperate with the central financial management departments in the city's institutions to promote the application and promotion of digital RMB, innovate and enrich the application scenarios of digital RMB.The local financial department of Shanghai should cooperate with relevant municipal departments to support financial institutions, fintech companies, and others in participating in the construction of urban computing power infrastructure, blockchain infrastructure, public data open infrastructure, and so on. The city supports financial institutions, financial infrastructure operation institutions, and others in strengthening the application of technologies such as blockchain, artificial intelligence, and big data, improving risk control systems, and expanding the supply of financial products and services.

ChainCatcher news, according to the Zhejiang Procuratorate public account, recently a criminal gang in Shaoxing City, Zhejiang Province illegally cashed out over 200,000 yuan within four days using digital RMB accounts. Several individuals lured merchants with digital RMB accounts through shopping and casual conversations. After the merchants agreed to cash out, they first converted a certain amount of their own money into virtual currency as a deposit to transfer to the upper-level operator, and then sent the digital RMB payment code to the upper-level operator. Once the fraudulent funds entered the merchant's digital RMB account, the merchant deducted a handling fee ranging from 1% to 1.5% and cashed out the corresponding amount. The Yuecheng District Procuratorate filed a public prosecution, and the court sentenced Yuan, Zhang, and Kou to fixed-term imprisonment ranging from one year and four months to seven months for the crime of concealing and disguising criminal proceeds, along with fines.Prosecutors remind the public to enhance their understanding of digital RMB, pay attention to protecting personal information, and report any suspicious situations promptly to safeguard their property security.

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.

ChainCatcher news, the Hong Kong Monetary Authority announced further progress in cooperation with the People's Bank of China on the cross-border payment pilot of the digital renminbi, expanding the pilot scope of the digital renminbi in Hong Kong, facilitating Hong Kong residents to open and use digital renminbi wallets, and adding value to the digital currency wallets through "Faster Payment System."With this expansion of the pilot scope, users can now open and use personal digital currency wallets in Hong Kong simply by using a Hong Kong mobile phone number. The digital currency wallet can be used for cross-border payments but cannot be used for transfers between individuals. Hong Kong users can add value to their wallets through the local 17 retail banks via "Faster Payment System." The digital renminbi can be used not only in the Greater Bay Area but also in other pilot areas in the mainland.

ChainCatcher news, according to Jinshi reports, the Hong Kong SAR government's new financial budget was announced today. The Financial Secretary of the Hong Kong SAR, Paul Chan, stated that the "digital renminbi" will expand its pilot scope in Hong Kong, allowing citizens to conveniently open and use digital renminbi wallets, and to top up through "Faster Payment System," further enhancing cross-border payment efficiency and user experience.

According to ChainCatcher news, citing official WeChat messages, to further support the application scenarios and ecological construction of the digital renminbi, WeChat Pay has partnered with hundreds of acquiring institutions to further expand the range of merchants that can use digital renminbi within WeChat. Currently, millions of merchants covering various fields such as life services, utility payments, dining and entertainment, and transportation, including scenic spots, museums, multiple local utility payment platforms, T3 Travel, Hello Bike, SF Express, and Southern Power Grid, are included. Support for various life services and utility payments will further enrich the daily usage scenarios of digital renminbi, allowing users to experience digital renminbi transactions through WeChat's convenient mini-program scenarios.

ChainCatcher news, the Monetary Authority of Singapore (MAS) announced new digital finance and capital market initiatives, including a cross-border digital yuan pilot between China and Singapore, allowing travelers from both countries to use digital yuan for tourism consumption in Singapore and China, in order to expand financial cooperation with China.

ChainCatcher news, according to China Daily, with the first crude oil transaction settled in digital yuan on Thursday, China's currency internationalization process has taken a significant step forward. By purchasing 1 million barrels of crude oil, China National Petroleum Corporation completed the first international crude oil transaction settled in digital yuan at the Shanghai Petroleum and Natural Gas Exchange (SHPGX). However, the announcement released by the Shanghai Petroleum and Natural Gas Exchange on Friday did not disclose the exact value of the transaction or the identity of the seller.The Shanghai Petroleum and Natural Gas Exchange announced on its website that the transaction is part of its efforts to meet the Shanghai municipal government's requirements for using electronic yuan in cross-border trade.

ChainCatcher news, according to a report by The Paper, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, stated at the main forum of the "2023 China International Financial Annual Forum" during the 2023 China International Service Trade Fair on financial services that after completing the upgrade of currency, the payment tools for the entire society will also need to be upgraded to the new currency accordingly.The first to achieve the upgrade will be the payment tools used in retail scenarios, specifically using digital RMB as the payment tool in all retail scenarios. Wallet providers such as WeChat, Alipay, the commercial bank's mobile banking app, and other third-party payment institution apps, as well as digital RMB operating institutions, must have compliance awareness, obtain the corresponding financial licenses, and comply with regulations. In the short term, we can first unify the QR code standards from a technical perspective to achieve mutual recognition of barcodes; in the long term, we will steadily realize the upgrade of payment tools.The payment tools used in wholesale payment scenarios also need to be upgraded. Currently, the interbank payment clearing system and the internal systems of commercial banks that support wholesale payments are operating normally and can meet the needs of China's economic development. To avoid wasting existing systems and resources, there is no need to replace them with a central bank digital currency system, but we can achieve seamless connectivity by ensuring that digital RMB is fully interoperable with existing electronic payment tools and commercial bank deposits.Additionally, for financial market infrastructures that were previously uncovered, digital RMB can be used for settlement, and smart contracts can be utilized to achieve delivery versus payment (DVP) and payment versus payment (PVP), thereby improving the efficiency of wholesale payments.

ChainCatcher news, according to Shanghai Securities News, the first green bond in the country collected in digital renminbi, "23 Xinshi Industry GN010," independently led by Ningbo Bank, has been issued in the interbank bond market.It is understood that the issuer of this bond is Wuxi Industrial Development Group Co., Ltd., with an issuance scale of 100 million yuan, a term of 2 years, and all raised funds will be used to repay bank loans incurred from the expansion of the subsidiary's photovoltaic project.

ChainCatcher news, the Financial Services Bureau of Luohu District, Shenzhen, has released "Several Measures for High-Quality Construction of Digital Renminbi Application Ecological Demonstration Zone." The document provides guidance on aspects such as institutional settlement, support for industrial ecological development, and the construction of digital renminbi infrastructure, in order to accelerate the establishment of a digital renminbi application ecological demonstration zone.The document points out that it encourages the first launch of application scenario innovations in Luohu District, as well as the first launch of cross-border application scenarios such as Shenzhen-Hong Kong integration in Luohu District, achieving demonstration effects. Projects that have been filed in advance with the industry authorities will receive a one-time reward of 200,000 yuan; for cross-border application scenarios that have received recognition from higher authorities or have had a significant impact in the industry, the reward standard will be increased to 300,000 yuan.

ChainCatcher news, Shaoxing City will issue a total of 40 million yuan in government consumption vouchers, distributed in the form of digital yuan red envelopes. These digital yuan consumption vouchers will be distributed by the Shaoxing Municipal Finance Bureau through a lottery. Participants must have a digital yuan wallet and be residents of Shaoxing City. The Asian Games will be held in Hangzhou on September 22, and this event is aimed at promoting the adoption of China's central bank digital currency (CBDC) before the Asian Games.

ChainCatcher news, Yi Gang, the Governor of the People's Bank of China, stated at the 2023 MAS Lecture held in Singapore that as of the end of June, the transaction volume of the digital renminbi reached 1.8 trillion yuan, with approximately 16.5 billion digital renminbi in circulation, accounting for only 0.16% of China's money supply. Since the digital renminbi was first launched in January 2022, about 120 million wallets have conducted approximately 950 million transactions, with an average transaction amount of around 260 USD.

ChainCatcher news, at the 2023 Global Digital Economy Conference Digital Finance Forum, Zhao Weijiu, Deputy Director of the Beijing Municipal Bureau of Local Financial Supervision and Administration, stated that the next step is to comprehensively serve the digital transformation of the financial industry in the city, promote the pilot application of digital RMB in more scenarios, continuously promote the coordinated development of mobile payment products, and explore more applications of digital technology in inclusive finance and cross-border financial services. (Source link)

ChainCatcher news, during the 6th Digital China Construction Summit, reporters learned that the Digital Renminbi Industry Alliance will add 26 new alliance units based on the original 37 member units, including 1 vice-chairman unit, 15 council units, and 10 member units, covering research institutes and related enterprises in the industry chain. In addition, a Macau Secretariat for the Digital Renminbi Industry Alliance will also be established. (Jin Ten)

ChainCatcher news, according to Shanghai Securities News, the People's Bank of China (PBOC) Operations Management Department held a press conference on April 27 for the second quarter of 2023. Zhou Dan, director of the Survey and Statistics Division of the PBOC Operations Management Department, stated that Beijing is further deepening the pilot work of the digital renminbi. Zhou revealed that since the full-area pilot of the digital renminbi in Beijing began in March 2022, the PBOC Operations Management Department has guided local operating institutions to focus on themes such as inclusive livelihood and support for agriculture and small enterprises, conducting various digital renminbi pilot activities 191 times in small, high-frequency scenarios such as transportation and shopping, with a total investment of 87.83 million yuan, significantly promoting consumption and playing a positive role in the construction of Beijing as an international consumption center city. (Source link)