Digital yuan transactions top US$73 mln in Guangzhou

It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media. 

See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival

Fast facts

• China’s central bank digital currency (CBDC) digital yuan, or e-CNY, started trials in Guangzhou in April, expanding from the October 2020 pilot kickoff in Shenzhen. 

• The average transaction size in Guangzhou was 134 yuan (US$20) as of June 15. 

• More than 2 million private accounts and 195,000 corporate accounts have been opened, Guangzhou Daily reported, citing Guo.

• Last week, Chinese automaker Geely announced at the International Financial Trade Fair in Guangzhou that it started to accept the digital yuan for car payments and issued coupons in e-CNY for car purchases ranging from 1,000 yuan to 8,000 yuan (US$149-1,195).

See related article: Chongqing joins China’s digital yuan tax pilots