The People's Bank of China and eight other departments issued the "Opinions on Financial Support for Accelerating the Construction of the New Land-Sea Corridor in the West." The "Opinions" propose exploring international cooperation in digital finance. Support is given to provinces (regions, municipalities) along the route to participate in the multilateral central bank digital currency bridge project, promoting the use of central bank digital currencies for cross-border payments with Thailand, Hong Kong, the UAE, Saudi Arabia, and others. Support is also provided to explore and advance pilot projects for cross-border payments of digital renminbi between the mainland and Singapore. Provinces (regions, municipalities) along the route that meet certain conditions are encouraged to build cross-border e-commerce digital service platforms and connect with cross-border e-commerce and trade digital platform companies in countries like Singapore to enhance cross-border e-commerce service capabilities.
The central bank and eight other departments: Support the exploration and promotion of the pilot program for cross-border payments using digital renminbi between the mainland and Singapore.
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