Pilot schemes for use of the Digital Renminbi have spread to at least ten cities around China a year following the commencement of testing of the central bank digital currency (CBDC),
The Chinese government launched testing of the Digital Renminbi in April 2020, at an initial cohort of five areas including Beijing’s Winter Olympic sites, Chengdu, Shenzhen, Suzhou and the Xiong’an New District.
Another six cities were subsequently added in a second group that included Changsha, Dalian, Hainan, Qingdao, Shanghai and Xi’an.
Four of these cities, including Beijing, Chengdu, Shenzhen and Suzhou, have collectively staged seven “red packet” lotteries for the issuance of the Digital Renminbi to local residents for consumption purposes.
Shenzhen has held three Digital Renminbi lotteries, Suzhou two, and Beijing and Chengdu one each, collectively issuing 150 million yuan in digital currency via 750,000 digital “red packets” (the term for China’s traditional gift-giving envelope.)
Sites for Digital Renminbi trials have included supermarkets, retail stores and transit facilities, as well as e-commerce and shared economy platforms such as DiDi Chuxing, JD.com and Meituan.
Chinese banks have played a key role in testing of the Digital Renminbi, with all of the country’s big six state-owned lenders launching their own digital wallets for use with the CBDC.
Digital Renminbi Wallet Trials as of April 2021
Bank | Cooperating parties | Area of application |
All six big state-owned banks | DiDi Chuxing, | Ride hailing |
ICBC | Meituan | Vehicle hire |
All six big state-owned banks | JD.com, JD Finance | Independent vendors |
All six big state-owned banks | Bilibili | Recharges of “B tokens” |
All big six state-owned banks | Sinopec | Petroleum financing and fee payments |
All big six state-owned banks | Star Charge | Electric vehicle recharge stations |
All big six state-owned banks | SF Express | Payment for express delivery services via app |
All big six state-owned banks | Tuniu (途牛) | Payment for travel agency services |
Bank of Communications | Tuhu (途虎) | Payment for vehicle maintenance services |
Online Digital Renminbi Trials as of April 2021
Bank | Cooperating parties | Area of application |
Bank of China, Xiong’an District branch | Xiong’an customs department | Payment of risk deposits |
ICBC, Shenzhen branch | Shenzhen municipality’s Guan’ai Charity Fund | Charitable donations made via the ICBC “Rong eGou” app |
China Construction Bank | Zhongan Insurance | Insurance purchases via app |
ICBC, Agricultural Bank of China, Bank of China, China Construction Bank | Vanke | Payment of property management fees via app |
China Construction Bank, ICBC | Shanghai Metro System | Recharges of metro cards |
ICBC | China Mobile | Use of SIM card wallets to pay for account transfers or fees in Suzhou |
Bank of China | China Unicom | 5G SIM card wallets in Suzhou |
Bank of China, Bank of Communications | China Pacific insurance | Insurance products in Shanghai |
Postal Savings Bank of China | Dalian Deloitte, Cyntek | B2B online platform settlement applications in Dalian |
Bank of China, Suzhou branch | Nanjing Normal University | Payment of fees on campus |
China Construction Bank, Shenzhen branch | Shenzhen Tong | QR code scanning for transit usage |
Bank of Communications, Dalian branch | Liaoning Port Group | Port settlement operations |
ICBC | Guowang Yingda Changsanjiao Finanical Centre(国网英大长三角金融中心) | Enterprise bidding insurance in Shanghai |
/ | Wujiang district financial regulators | Supply chain enterprise operations in Suzhou, Guzhen tourism sector |
Offline Digital Renminbi Trials as of April 2021
Bank | Cooperating Parties | Area of application |
China Construction Bank, Shenzhen branch | Sinopec | Petrol stations in Shenzhen |
China Construction Bank | Gome | Gome stores in Shenzhen and Xi’an |
ICBC | Manmao Cafe in Beijing’s Fengtai District | Consumer purchases at Manmao cafe. |
Bank of Communications | Tuhu (途虎) | Payment for vehicle maintenance services in Chengdu |
Bank of China | Beijing metro system | Metro fares paid using wearable smart gloves at turnstiles |
Postal Savings bank of China | Tongen Hospital in Shanghai | Use of visual smart card to pay for meals at the hospital canteen |
Agricultural Bank of China, Shenzhen branch | / | Cash withdrawals in Shenzhen |
ICBC, Shenzhen branch | Heli Smart Vending Machines (盒哩智能售货柜) | Payment for vending machine purchases in Shenzhen |
ICBC | Hunan Heshun Petroleum | Use of visual smart card to pay for fuel at petrol stations in Changsha |
Agricultural Bank of China, Xiong’an District branch | / | Visual smart card wallet |
Bank of China | Changsha municipal government | Sanxiang Nanhu Market |
Bank of China | State Grid | Physical wallet used to make payments for recharges of electric cars |
/ | Suning | Offline purchases at Suning’s retail stores in Shanghai |
/ | Rural credit societies | Purchases of fertiliser in Suzhou |
Bank of China | Bank of China Hong Kong | Use of Digital Renminbi by Hong Kong residents for purchases made in Shenzhen |
China Construction Bank | Renmin University | Purchase of goods from campus souvenir store |
Bank of China | Changshu Public Transit System, Hangzhou GOLONG Technology | Use of Digital Renminbi to pay for public transit in Suzhou’s Changshu county |
/ | Tongren Hospital in Shanghai | Payment for medical treatment |