Heilongjiang province in northeastern China has joined the bid to compete with 10 other cities to become the next digital yuan pilot city, it announced on Monday

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Fast facts

  • Heilongjiang did not identify the city to be nominated as the bidding trial city. 
  • The province, however, noted developing a financial hub in capital city Harbin to enhance financial cooperation with Russia. 
  • Digital yuan historical transactions topped 87.565 billion yuan (US$1.238 billion) as of the end of 2021, and is just coming off the back of its international debut at the now-concluded Winter Olympics
  • Hong Kong is slated to pilot cross-border payments with the digital yuan. 

See related article: Hong Kong makes apt testbed for e-CNY cross-border use