The head of the Hong Kong Monetary Authority (HKMA), Eddie Yue, said a new digital currency platform could soon be put in place if a trial run proves successful.
The platform, called mBridge, aims to facilitate cross-border payments.
It’s jointly developed by the People’s Bank of China and the central banks in Thailand, the United Arab Emirates and Saudi Arabia, along with the HKMA.
“The trial run this year is using real-life transactions for cross-border settlement. If it goes on smoothly, the platform will actually be ready for launch,” Yue told RTHK’s “Government and You” programme.
He added that local officials have been working with their Middle Eastern counterparts in promoting linkages in equity and bond transactions.