New Digital Renminbi Trials Will Focus on “Humanisation” and Local Economic Development: PBOC

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The Chinese central bank said that upcoming digital renminbi trials will focus on the needs of users as well as spurring regional economic development, following a sharp increase in the number of participating cities.

The People’s Bank of China (PBOC) convened a digital renminbi research and development trial work conference on 31 March.

The PBOC meeting said that digital renminbi trials must embody “humanisation,” as well as expand the financial services coverage area and raise the level of financial inclusion.

The meeting also called for digital renminbi trials to help drive local economic development, support the development of digital government services, raise the ability of finance to serve the real economy, as well as make improvements to the commercial environment.

PBOC first launched trials of the digital renminbi in early 2020, at a select cohort of cities including Beijing, Chengdu, Shenzhen, Suzhou and Xiong’an New District.

The trials subsequently spread to other major cities, including Changsha, Dalian, Hainan, Qingdao, Shanghai and Xi’an by April 2021.

The March meeting has added 11 more cities to the trials, including Tianjin, Chongqing and the Guangdong province capital of Guangzhou, as well as the cities of Fuzhou and Xiamen in Fujian province.