{"id":113894,"date":"2023-06-26T06:44:06","date_gmt":"2023-06-26T06:44:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/shanghai-clearing-house-launches-digital-yuan-service-for-commodity-trading-crypto-news\/"},"modified":"2023-06-26T06:44:08","modified_gmt":"2023-06-26T06:44:08","slug":"shanghai-clearing-house-launches-digital-yuan-service-for-commodity-trading-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/shanghai-clearing-house-launches-digital-yuan-service-for-commodity-trading-crypto-news\/","title":{"rendered":"Shanghai Clearing House launches digital yuan service for commodity trading\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shclearing.com.cn\/en\/?xyz=0.30758504510294804\">Shanghai Clearing House<\/a>a financial services clearing counterparty under China&#8217;s central bank, started digital yuan clearing and settlement services for trading in commodities on Monday, marking another step in the institutional adoption of China&#8217;s central bank digital currency (CBDC).<\/p>\n<p><strong><em>See related articles:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/china-city-pay-civil-servants-digital-yuan\/\">China&#8217;s Changshu city to pay civil servant salaries in digital yuan<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>The services allow users to make cross-bank clearings and settlements on commodities with the digital yuan, according to a Monday <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.shclearing.com.cn\/cpyyw\/tzgg\/detail_38.html?productDocClient\/detail\/4028528188e970270188f159a8090a66\">announcement<\/a> by the Shanghai Clearing House, which handles bonds, interest rates, foreign exchange, credit, and commodities.<\/li>\n<li>The services could improve the security and cost-effectiveness of cross-border settlements of commodities, and boost the internationalization of China&#8217;s currency, Dong Dengxin, director of the Finance and Securities Institute of the Wuhan University of Science and Technology, said in a Global Times. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.globaltimes.cn\/page\/202306\/1293131.shtml\">reports<\/a> on sunday.<\/li>\n<li>Shanghai Clearing House&#8217;s move is not the digital yuan&#8217;s first use in commodity trading.  In October 2022, Shandong International Commodity Exchange facilitated a 1 million yuan <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.csice.com\/news\/164.html\">settlement<\/a> on imported rubber with digital yuan, the first digital yuan commodity trading use case in the city of Qingdao, China.<\/li>\n<li>China&#8217;s CBDC pilot is also spreading into retail usage.  On June 20th, Qingdao city <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/sd.people.com.cn\/n2\/2023\/0620\/c386785-40463735.html\" data-type=\"URL\" data-id=\"http:\/\/sd.people.com.cn\/n2\/2023\/0620\/c386785-40463735.html\">Launched<\/a> the country&#8217;s first digital yuan payments for urban rail transit fees, where users pay from digital yuan hard wallets embedded in their SIM cards.<\/li>\n<li>Also on June 20, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/corporate.jd.com\/\">JD.com<\/a>one of China&#8217;s leading online shopping platforms, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mp.weixin.qq.com\/s\/TA8vb9bZaDjaHNPceER8GA\">said<\/a> it saw a 254% increase in the number of digital yuan transactions during the 618 Festival \u2013 a shopping festival started in 2010 and taking place from late May to June 18 \u2013 from the same period last year, with transaction amounts breaking the record, according to company. <\/li>\n<li>However, JD.com did not disclose the exact amount of total or digital yuan transactions during the festival.  Chinese e-commerce platforms had a relatively <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/tech\/big-tech\/article\/3224603\/chinas-618-shopping-festival-loses-its-shine-alibaba-and-jdcom-avoid-sales-figures-more-flattering\">quiet 618 session<\/a> this year amid an economic slowdown.<\/li>\n<\/ul>\n<p><strong><em>See related articles: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/china-adopt-digital-yuan-education-sector\/\">China&#8217;s Jiangsu Province to expand digital yuan adoption in education sector<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Shanghai Clearing Housea financial services clearing counterparty under China&#8217;s central bank, started digital yuan clearing and settlement services for trading in commodities on Monday, marking another step in the institutional adoption of China&#8217;s central bank digital currency (CBDC). See related articles: China&#8217;s Changshu city to pay civil servant salaries in digital yuan Fast facts [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":113895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-113894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/113894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=113894"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/113894\/revisions"}],"predecessor-version":[{"id":113896,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/113894\/revisions\/113896"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/113895"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=113894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=113894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=113894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}