PBOC Outlines Areas Where Digital Renminbi Still Needs to Improve

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A senior official from the Chinese central bank has provided details on areas of focus for the ongoing testing and development of the digital renminbi.

With regard to the development of the digital renminbi, Fan Yifei (范一飞), deputy-governor of the People’s Bank of China (PBOC), said that “we are seeing a number of problems that are in urgent need of resolution.”

These problems include “the digital renminbi regulatory system awaiting improvement, the processing environment awaiting optimisation, and the payments system awaiting upgrade.”

The PBOC deputy-governor made the remarks on 10 September at the 2021 China (Beijing) Digital Finance Forum (2021中国(北京)数字金融论坛).

According to Fan the next step will be to “uphold the principles of openness and accommodation, organise ongoing optimisation of digital renminbi base operations capability and foundational technology platforms, and jointly create digital renminbi ecosystems.”

With regard to technical implementation, Fan called for “effectively employing the advantages and professional experience of designated operating institutions,” and “making full use of existing financial infrastructure to support interaction with traditional electronic payments systems, and driving connection between the wallets of different operating institutions, and between digital renminbi wallets and bank accounts.”

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