The trading platform created by the People's Bank of China and based on the blockchain technology processed transactions worth more than 30 billion yuan ($4.36 billion).

The People's Bank of China announced that its decentralized trading platform processed foreign exchange operations worth more than 30 billion yuan ($4.36 billion) since its launch. The platform is used in 483 branches of 28 banks in Shenzhen area. According to the PBOC report, the blockchain technology allows to speed up the process of exchanging information between bank branches and avoid paperwork.

On 4 July, the Shenzhen Municipal Branch of the People’s Bank of China and the Shenzhen Bureau of the State Tax Service signed an agreement on strategic cooperation. The goal of cooperation is to implement automatic filing of taxes through the central bank’s trading and financial blockchain platform.

The People’s Bank of China, which acts as the country's central bank, officially launched the testing stage of its blockchain platform called Guangdong-Hong Kong-Macao Great Bay Area Trade Finance Blockchain in September 2018. The platform is designed to simplify trade and financial transactions, such as accounts receivable. Li Chao, an analyst at iResearch, a Beijing based consultancy, explained that it usually takes about two or more weeks to have just one round of trade financing completed. Using PBOC's blockchain platform, the process will take about 20 minutes.

According to Xu Honghui, vice president of banking at Ping An Bank, the cost of trade financing for micro-to-medium-sized firms was ranging from 7% to 8%. With the implementation of the blockchain technology, this cost will go below 6%.

According to Deloitte, 73% of Chinese enterprises call blockchain one of the five strategically important technologies.