Hengyang's first digital currency bridge transaction is implemented

This article is reproduced from: Hengyang Daily

Hengyang Daily, reported by (Correspondent Yi Zhiqing). Recently, under the guidance of the Hengyang Central Sub-branch of the People’s Bank of China, the Hengyang Branch of Bank of Communications successfully processed a cross-border RMB settlement business for Hunan Changjin Machinery Trading Co., Ltd.—this marks the official launch of the multi-Central Bank Digital Currency Bridge (mBridge) in Hengyang.

“The Digital Currency Bridge” enables peer-to-peer transactions, real-time settlement, and lower costs. Funds can be sent directly from one bank to another—“flying” straight to the receiving bank—shortening settlement time and also reducing transaction fees. With the first business successfully launched, Hengyang’s foreign trade enterprises have already tasted the benefits: capital turnover efficiency has been significantly improved, and the entire process is traceable end to end, safe, and compliant.

Since this year began, the Hengyang Central Sub-branch of the People’s Bank of China has continued to make efforts in three areas—policy, scenarios, and services—to push the Digital Currency Bridge business to benefit more enterprises as soon as possible. It has organized training for banking institutions across the city to ensure that policy understanding is not distorted and operational execution has zero deviation. The sub-branch also works with the State Administration of Foreign Exchange to sort out a list of key foreign trade enterprises in the city, guiding the Hengyang Branch of Bank of Communications and other lead banks to establish a “one-to-one” service mechanism. Based on the cross-border settlement scale, frequency, and pain points of different enterprises, payment plans are tailored accordingly—especially to clearly explain how to save money, how to hedge risks, and how to settle in real time. To date, it has visited and coordinated with more than 20 foreign-related enterprises, successfully promoting the launch of the first deal.

The Hengyang Central Sub-branch of the People’s Bank of China has built a three-party “government-bank-enterprise” docking platform, and organized banks to go deep into industrial parks such as the Songmu Economic Development Zone and the Hengyang Comprehensive Bonded Zone to carry out briefings and matchmaking. For compliance, technical, and other issues raised by enterprises, it adopts “on-site responses with completion within a specified time limit.” At the same time, it also guides the Hengyang Branch of Bank of Communications to strengthen province-and-city coordination, set up a flexible service team, and lay the groundwork for the subsequent large-scale replication of the business model.