China - September 20, 2024

China's digital yuan is gaining traction as an electronic currency since its launch more than four years ago.

Official data shows that by of the end of June, cumulative digital yuan transactions nationwide had exceeded seven trillion yuan, or more than 980 billion U.S. dollars.

Lu Lei, deputy governor, People's Bank of China (PBOC):

"Currently, the digital yuan has been piloted in 17 provinces, regions and municipalities in sectors such as wholesale and retail, catering, cultural tourism, education and medical care. A number of online and offline application schemes that can be replicated and promoted have taken shape. By the end of June this year, digital yuan transactions had totaled 7 trillion yuan."

In cities across China, the digital currency is being used for various purposes, including to pay taxes and salaries, bus fares, and to facilitate cross-border settlements.

Going forward, central bank officials say they will further expand the scope of available services for the digital yuan, including more elderly-friendly features to enhance user experience.

[Restriction - No access Chinese mainland]