China completes 1st digital RMB B2B payment settlement

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A man shows an e-CNY card of Postal Savings Bank of China in Beijing, on Feb 12, 2021. [Photo/Xinhua]

China's first digital renminbi B2B payment settlement has been completed in Dalian, Northeast China's Liaoning province, reported on Monday.

Two fuel trading companies in Dalian completed a fuel transaction settlement on the shipping industry's digital platform via digital RMB (E-CNY) on Monday, the first B2B payment settlement in China using digital RMB.

The trial operation of the B2B online platform pilot project was jointly carried out by the Postal Savings Bank of China, Dalian Deta Holding Co Ltd and CYNTEK.

Compared with previous enterprises using capital as the circulation carrier, digital RMB can provide enterprises with the whole process of data display.

The circulation of digital RMB provides enterprises with real-time path and portrait, which provides enterprise operators a timely basis for decision-making.

Meanwhile, digital RMB accelerates the efficiency of capital circulation of enterprises and improves the production efficiency of enterprises at the industrial level.

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