China Digital Yuan Transactions Surge to $249.33 Billion


Chinese digital yuan transactions have surged in value by 18 times in just under a year, the country’s central bank governor Yi Gang said on Wednesday.

Transactions using the e-CNY hit 1.8 trillion yuan ($249.33 billion) at the end of June, Yi revealed, marking a jump from over 100 billion yuan as of August last year.

The numbers cement China’s role as a leader among countries that are developing their own central bank digital currencies (CBDC) – digital tokens issued by central banks – although adoption is still in the early stages. 

The e-CNY has so far been used mainly for domestic retail payments.


Also on AF: China Warned to Keep Politics Out of Climate Talks by Kerry


Speaking at a lecture organised by the Monetary Authority of Singapore (MAS) in the Southeast Asian city-state, Yi said China’s digital currency in circulation reached 16.5 billion yuan at the end of last month.

Total e-CNY transactions reached 950 million, with 120 million wallets being opened, Yi said.

Still, e-CNY in circulation accounted for only 0.16% of China’s M0 money supply, or cash in circulation, Yi said.

“And you can see that right now the balance of e-CNY is only counting two-tenths of 1% of M0, so that the balance is very small, but with this kind of balance [we] support a big number of transactions, which means that the velocity is high and more efficient,” Yi said.

Chinese state-owned banks participated last year in a trial focused on cross-border transactions developed by the Bank of International Settlements.


  • Reuters with additional editing by Sean O’Meara


Read more:

Chinese Banks Test Digital Yuan for Cross-Border Settlements

China Pledges Privacy Protection to Push Digital Yuan

How China’s Digital Yuan is Different From Bitcoin – SCMP

US Bill Would Ban Digital Yuan from Google, Apple App Stores



Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Recent Posts

Nvidia in Chip Design Tie-Up Talks With Vietnamese Tech, Hanoi

The Southeast Asian nation is looking to move beyond manufacturing and assembly amid trade tensions…

9 hours ago

US, S Korea, Japan Team Up to Confront N Korea Cyber Threat

The allies say Pyongyang uses cybercrime profits to gather funds for its nuclear and missile…

9 hours ago

China Consumer Prices Fall Fastest in 3 Years, Alarming Beijing

Persistently sluggish demand has raised the spectre of wide-scale deflation amid mounting local government debt…

10 hours ago

China Developer Shimao’s Shares Slide on Debt Revamp Plan

The property firm is hoping to decrease its debt by about $6 billion to $7…

1 day ago

Chinese Investment in Vietnam Doubles, As US Trade Eases

The manufacturing hub by the South China Sea is increasingly a key assembling link in…

1 day ago

Apple Shifts Key iPad Design Resources to Vietnam – Nikkei

Geopolitical tensions are thought to be behind the move which will see Vietnamese contractors involved…

1 day ago