Testing of the digital renminbi has kicked off in Hong Kong with a select cohort of local financial institutions and businesses. Mu Changchun (???), head of the People’s Bank of China Digital Currency Research Institute, said that it is currently undertaking cooperation with Hong Kong financial regulators to jointly explore improvements to use of the digital renminbi for cross-border payments purposes. “Both parties have successfully undertaken the initial phase of technical trials for basic functions such as topping up, account transfers and payments using digital renminbi wallets at local Hong Kong banks and selected Hong Kong businesses,” said Mu on…