Shenzhen to Explore Use of Digital Renminbi for Supply Chain Finance Settlement

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The southern Chinese tech hub of Shenzhen has flagged the launch of trials that apply the digital renminbi to new areas including the settlement of supply chain finance transactions.

On 26 January the National Development and Reform Commission (NDRC) issued its “Opinions on Several Special Measures for Loosening Market Entry in Shenzhen” (关于深圳建设中国特色社会主义先行示范区放宽市场准入若干特别措施的意见), covering multiple areas including tech, finance, healthcare, education and transit.

The Opinions outline the launch of trials to explore the use of the digital renminbi for trade settlement purposes within the agricultural product supply chain finance payments system.

The trials will “focus on the expansion and exploration of the digital renminbi for payments for enterprises on the supply chain.”