Latest Digital Yuan Stats
The People’s Bank of China (PBOC) Governor, Yi Gang, revealed the latest statistics on China’s central bank digital currency (CBDC) during a lecture organized by Singapore’s central bank. Here are the key points:
- The total value of transactions using China’s CBDC reached 1.8 trillion yuan ($250 billion) by the end of June.
- In comparison, around 100 billion yuan worth of digital yuan transactions were recorded in August last year.
- China’s CBDC in circulation amounted to 16.5 billion yuan by the end of June.
- The total number of digital yuan transactions reached 950 million, with 120 million wallets opened.
- The e-CNY in circulation accounted for only 0.16% of China’s M0 money supply.
Yi emphasized that despite the small balance of the e-CNY, it supports a significant number of transactions due to its high velocity and efficiency. The PBOC has been conducting pilot trials for the digital yuan since 2019 and has expanded testing to various cities in China. Recent developments include digital yuan payments for public transportation fares in Jinan and support for digital yuan settlements by the Shanghai Clearing House.
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Hot Take
The latest statistics on China’s digital yuan demonstrate its growing adoption and usage. With a significant increase in transactions and the expanding availability of digital yuan services, it is clear that China is making progress in establishing its CBDC as a viable payment method. As the digital currency continues to be tested and implemented in more areas, it will be interesting to see how it shapes the future of the Chinese financial system.
