CHINA EXPLORING CROSS-BORDER PAYMENTS IN DIGITAL YUAN

China's central bank said on Friday it will explore cross-border payments in digital yuan, and is willing to discuss setting global standards for digital fiat currency to jointly develop the international monetary system. The People's Bank of China (PBOC) will strengthen data security and personal information protection as it forges ahead with domestic testing of the digital yuan, it said in a white paper that is the first comprehensive disclosure of its plans. China is a front-runner in the global race to launch central bank digital currencies (CBDC) and is testing a digital yuan, or e-CNY, in major cities including Shenzhen, Beijing and Shanghai.