The transaction was facilitated by the Shanghai Financial Exchange International Board.
The first-ever cross-border settlement for precious metals using the digital yuan central bank digital currency (e-CNY CBDC) was recorded on Dec. 20.
According to local news reports, the Bank of China’s Shanghai branch successfully transferred a 100 million yuan ($14 million) e-CNY CBDC settlement received overseas for gold via the Shanghai Financial Exchange International Board.
“The account will contribute financial strength to support Shanghai’s in-depth implementation of the free trade pilot zone promotion strategy and promote the quality and upgrading of the international trade center,” a spokesperson for Bank of China wrote.
