Hong Kong is enhancing its digital yuan framework, increasing the number of merchants that accept e-CNY payments.
Authorities are also considering raising transaction limits and enhancing wallet features, which are part of wider initiatives to strengthen cross-border payment integration with mainland China.
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Current Limits Under Review
Hong Kong’s government is aiming to extend the reach of China’s digital currency within the territory. Following the expansion of the pilot program in May 2024, the number of local retail merchants accepting e-CNY payments has steadily grown.
Christopher Hui, Secretary for Financial Services and the Treasury, highlighted the initiative’s strategic significance, noting that the digital renminbi “provides residents of both regions with an additional secure, convenient, and innovative payment option, enhancing cross-border payment services and user experience while fostering mutual connectivity between the two locations.”
While the Hong Kong Monetary Authority (HKMA) lacks direct statistics on wallet adoption or merchant coverage, officials have confirmed ongoing discussions with the People’s Bank of China (PBoC) to improve wallet capabilities and ease current usage limits.
The present e-CNY wallet setup in Hong Kong enforces a RMB 2,000 ($280) per-transaction ceiling and an annual cumulative limit of RMB 50,000 ($7,000), with wallet balances capped at RMB 10,000 ($1,400). These limitations reflect the simplified registration process—users need only a Hong Kong mobile number to establish a wallet, without requiring mainland bank accounts or real-name verification.
In response to legislative questions published on October 8, 2025, the Hong Kong government expressed that the PBoC and HKMA are actively considering arrangements to upgrade e-CNY wallets, intending to raise usage limits and support additional application scenarios.
“The People’s Bank of China and the HKMA are currently examining arrangements and feasibility for enhancing the digital currency wallet to expand its usage limits and accommodate more application scenarios. As discussions continue, specific proposals and timelines remain to be determined,” Hui explained.
Concerns have been raised about whether the current limits adequately address the cross-border consumption needs of Hong Kong residents, particularly for business travelers and frequent users. Legislators have also sought clarity on the plans to implement real-name authentication features and enable higher personal transfer limits, aligning Hong Kong’s wallet infrastructure with the expanded functionalities available to verified users in mainland pilot cities.
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Merchant Adoption and Cross-Border Integration
The HKMA has been urging banks to enroll more local retailers to accept e-CNY payments, viewing the digital currency as an added payment option that enhances cross-border transaction efficiency and user experience. Secretary Hui noted that the HKMA actively communicates with the PBoC’s Digital Currency Research Institute and mainland operating institutions’ Hong Kong subsidiaries to monitor usage patterns and gather user feedback.
“The HKMA will continue to support the People’s Bank of China in propelling the cross-border pilot program for digital renminbi in Hong Kong. This includes promoting broader acceptance among local retailers and investigating additional application scenarios to enhance the pilot’s coverage,” Hui stated.
While the authority does not publish detailed data on merchant distribution across Hong Kong Island, Kowloon, and the New Territories, officials have confirmed that the number of local retail outlets accepting digital RMB is gradually increasing.
Aside from retail payments, Hong Kong aims to leverage e-CNY as a tool for broader financial connectivity. The government has highlighted its involvement in the Multiple Central Bank Digital Currency Bridge (mBridge) project, which reached the Minimum Viable Product stage in June 2024. The platform allows direct settlement between banks in participating countries, significantly lowering cross-border payment costs. Authorities plan to broaden participation from the public and private sectors in mBridge while integrating more commercial banks.
Expanding Application Scenarios
Officials disclosed that future upgrades will explore extending e-CNY functions beyond consumer payments, including supply chain finance, cross-border wage payments, and other enterprise-related applications. The government stressed that launching these enhancements necessitates balancing technological readiness, regulatory alignment, and user demand.
The ongoing expansion signifies Hong Kong’s commitment to functioning as a testing ground for e-CNY outside mainland China. Since the pilot’s inception in May 2024, Hong Kong residents have been able to fund wallets through the Faster Payment System via 17 local retail banks, with cross-border payment capabilities accessible in 26 mainland pilot regions, including cities in the Guangdong-Hong Kong-Macao Greater Bay Area.
As the digital yuan infrastructure progresses, observers will anticipate concrete policy updates on wallet limit elevations and new application launches, which could define Hong Kong’s role in China’s broader CBDC internationalization strategy.
