The Central Bank of China participates in the mBridge project in Hong Kong and will pilot trade settlement next month

The President of the Hong Kong Monetary Authority, Yu Wei wen, stated at the sub forum of the Boao Forum for Asia 2024 that the Currency Bridge (referred to as the Multi Central Bank Digital Currency Cross border Network, mBridge) project, in collaboration with the Bank for International Settlements (BIS), the People's Bank of China, and the Bank of Thailand, will be piloted for trade settlement next month, with the participation of 20 central banks. Yu Weiwen hopes that through relevant pilot projects, liquidity and various infrastructure can be further improved, and the framework can be expanded. Currently, 28 central banks participate as observers, and he believes that a very effective network will be established in the future. When conducting cross-border settlements, local currency real-time settlement can be used.