China explores cross-border uses for digital yuan in new trial

BEIJING -- China has kicked off a trial for cross-border payments using central bank digital currencies (CBDCs) with Saudi Arabia and other partners, eyeing alternative uses for the digital yuan amid its struggles in the home market.

The digital yuan has struggled to gain momentum in China, where an estimated 80% of payments are already cashless. (Photo by Iori Kawate)

Other participants include Hong Kong, Thailand and the United Arab Emirates. The International Monetary Fund and other organizations are also taking part as observers.

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