China’s digital transactions reach 7t yuan in June ’24

China’s digital yuan transactions totalled 7 trillion yuan ($986.07 billion) by the end of June 2024, said its central bank’s deputy governor on Thursday.

Lu Lei, deputy governor of the People’s Bank of China (PBC), stated at a press conference that the digital yuan’s feasibility, reliability, and operation structure have been established through preliminary verification.

The digital yuan has been piloted in 17 provincial-level regions across various sectors like wholesale, retail, catering, tourism, education, and healthcare, the deputy governor further stated.

Several application schemes have been developed that can be replicated and promoted. The digital yuan has boosted household consumption, supported green initiatives, and improved the business environment.

Lu emphasised the positive impact of the digital yuan in stimulating household consumption, promoting green transformation, and optimising the business environment.

Attribution: Xinhua

Subediting: Y.Yasser