Digital Renminbi Transactions Breach 100 Billion Yuan Threshold

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The cumulative value of transactions involving the use of the digital renminbi has breached the 100 billion yuan threshold in the two and half years since trials were first launched.

As of 31 August the digital renminbi had been used for approximately 360 million transactions in China collectively worth around 100.04 billion yuan, according to figures from the “Solid Development of Digital Renminbi Research and Development Trial Work” (扎实开展数字人民币研发试点工作) report released by the People’s Bank of China (PBOC) on 12 October.

According to the report these transactions took place across pilot zones situated in 15 province-level administrative units around China, supporting digital renminbi transactions involving approximately 5.6 million vendors and stores.

The latest round of official figures mark a rapid increase in usage compared to the end of July, when the number of transactions stood at around 264 million, with a collective value of approximately 83 billion yuan.

PBOC said that key areas of emphasis in future would include improving products and services using the digital renminbi, developing the legal and regulatory foundations for digital renminbi development, upholding the principles of market-based development and incentivising cooperation and win-win outcomes.