The southern Chinese tech hub of Shenzhen is further expanding the usage scope of the Digital Renminbi in ongoing local trials.
Xing Yujing (邢毓静), president and party secretary of the Shenzhen branch of the Chinese central bank, said that Shenzhen had taken the lead in using the Digital Renminbi to channel “special funds for the purpose of stabilising enterprises and securing employment” to local companies directly.
According to Xing as of the end of March 2021 a total of 1110 such special fund projects had been undertaken to provide 196 million yuan for enterprise stabilisation and employment protection purposes.
Xing also highlighted efforts by the Chinese central bank to “accelerate the establishment of Shenzhen as a fintech innovation high ground.”
Shenzhen was one of the first cities to participate in trials of the Digital Renminbi which first kicked off in April 2020. In October Shenzhen staged a “lottery” for the issuance of 10 million yuan in Digital Renminbi to local residents for consumption purposes.