China sends 1st outbound e-CNY payment for durians to Malaysia
Business
China just pulled off its first outbound payment using the digital yuan (e-CNY), sending money for a durian shipment to Malaysia in about 30 minutes.
The deal, worth 43,000 yuan (about ₹605,000), skipped the usual SWIFT system, showing off how fast and direct e-CNY can be for global trade.
China Construction Bank branches process e-CNY
China Construction Bank's Xiamen branch teamed up with its Labuan branch in Malaysia to process the payment.
The Malaysian exporter converted e-CNY straight into ringgit, avoiding extra fees and delays.
This direct approach helps businesses save time and money, especially when trading perishable goods like durians.
With China rolling out an upgraded platform for round-the-clock payments, more countries might soon join this digital currency trend.