the general public could also diminish the use of the sovereign currency, and even affect a central bank ’ s monetary operations. 6. notwithstanding all these developments, the core role of central banks in ensuring trust in money as a public good for the economy at large remains unchanged. so whether central banks should provide a new form of central bank digital money completed with new payment infrastructure to households and businesses has become a very pertinent question. the subject of central bank digital currencies ( cbdcs ), be it wholesale or general purpose, has been high on the agenda of the central banking community. apart from being a new and trusted digital means of payment, cbdcs could potentially also foster competition and innovation in the payment sector. 7. here at the hkma, we have been exploring technologies for both wholesale and general 1 / 3 bis central bankers'speeches purpose cbdcs. at the wholesale level, we see great opportunities for cbdcs to enhance the efficiency of cross - border payments. two years ago, we conducted a proof of concept with the bank of thailand to develop a dlt - based cross - border corridor network. building on this fruitful collaboration and the experience gained, we are taking a further step to create more synergies with other central banks. 8. under the auspices of the bisih hong kong centre, the hkma, together with the bank of thailand, the central bank of united arab emirates, as well as the digital currency institute of the people ’ s bank of china, are embarking on a wholesale cbdc project called multiple cbdc bridge ( m - cbdc bridge ). we aim to, through this m - cbdc bridge, foster a collaborative environment for central banks and the private sector to further explore the potentials of dlt to improve the settlement and liquidity management efficiencies in crossborder payments. we are grateful for the participation from the private sector including two securities exchanges, banks, and multi - national corporates in the project. such collaborative efforts give us much greater confidence that the ideas and solutions generated through this project would take account of the needs of various market players in different markets. 9. as with many other central banks working on this subject, we are yet to make a decision as to whether general purpose cbdcs will be issued. indeed, designing a cbdc requires balancing manifold considerations, ranging from consumer needs to policy and technological considerations, against various potential risks. this could involve difficult trade

better manage their rmb liquidity and played a significant role in offshore market development. these facilities will be reviewed from time to time with the aim of providing better liquidity support to the offshore rmb market. hong kong has also developed a highly efficient rmb clearing and settlement system. as i mentioned, its average daily turnover exceeded rmb1 trillion recently. we will continue to enhance the service capabilities of our rmb clearing and settlement system to keep pace with business growth. our system will complement the recently launched cross - border interbank bis central bankers ’ speeches payment system ( cips ) by the mainland authorities, making rmb business transactions even more convenient. conclusion in conclusion, china ’ s 13th five - year plan for 2016 – 2020 has reaffirmed its commitment to opening wider to the world, accelerating the opening up of the capital market and developing rmb as a convertible and freely usable currency. financial centres like hong kong and london, with their robust and mature markets, can play a major role in facilitating further usage of the rmb internationally. in this context, the hong kong – london rmb forum is an essential element in sharing our experiences and learning from each other, particularly in the areas of market and product developments. i wish you all a fruitful seminar. bis central bankers ’ speeches