Hong Kong Expands e-CNY Use, Plans Higher Wallet Limits

Hong Kong is accelerating the integration of China's digital currency, e-CNY, with plans to raise transaction caps and expand wallet functionality. The MOVE aims to deepen cross-border payment connectivity with mainland China, offering residents a more efficient and innovative payment option.

Since the pilot program's expansion in May 2024, local retail merchant adoption has grown steadily. Secretary for Financial Services and the Treasury Christopher Hui highlighted the strategic importance of the initiative, emphasizing its role in enhancing user experience and mutual connectivity.

Current restrictions include a RMB 2,000 ($280) per-transaction limit and an annual cap of RMB 50,000 ($7,000), with wallet balances limited to RMB 10,000 ($1,400). These limits are under review as discussions between the HKMA and the PBoC progress.