China's digital yuan transactions hit 83 bln yuan-Xinhua

China's digital yuan transactions hit 83 bln yuan

Source: Xinhua

Editor: huaxia

2022-07-14 14:40:45

A consumer pays in digital yuan (e-CNY) at a department store in southwest China's Chongqing, May 3, 2022. (Xinhua/Huang Wei)

BEIJING, July 14 (Xinhua) -- China's digital yuan transactions amounted to 83 billion yuan (about 12.33 billion U.S. dollars) by the end of May this year amid the country's push for pilot use of digital currency.

A total of 264 million digital yuan transactions had been carried out as of the end of May, Zou Lan, an official from the People's Bank of China (PBOC), told a press conference on Wednesday.

By May 31, the digital yuan payment service was accessible in nearly 4.57 million commercial outlets, Zou added.

The pilot program of the digital fiat currency, or the e-CNY, has been expanded to 23 places in 15 provincial-level regions.

The PBOC launched e-CNY pilots in Shenzhen, Suzhou, Xiong'an and Chengdu at the end of 2019. More domestic cities later joined the pilot program following its successful operation.

Zou noted that digital currency has played a positive role in promoting consumption, boosting domestic demands and stabilizing economic growth.

The central bank will further expand the scope of its pilot programs, strengthen pilot scenario construction, and enhance international cooperation, Zou added.