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IPFS News Link • Central Banks/Banking

China's Digital Yuan Nears $250 Billion Transaction Volume; Central Bank Governor

• by Brayden Lindrea

On July 19, People's Bank of China governor Yi Gang told a conference in Singapore that its central bank digital currency transacted 1.8 trillion yuan as of the end of June.

Yi added there have been around 950 million transactions from roughly 120 million wallets since the digital yuan's initial January 2022 rollout, leading to an average transaction amount of about $260.

He claimed around $2.3 billion, or 16.5 billion digital yuan, was in circulation at the end of June, which only represents 0.16% of China's monetary supply, according to a July 19 Reuters report.

The digital yuan's adoption is still minimal relative to China's 1.4 billion strong population, so far mostly being used for domestic retail payments aside from a few trials in Hong Kong.

On July 18, the South China Morning Post reported that the Bank of China Hong Kong began trialing another cross-border payment scheme for Bank of China customers at select retail stores in Hong Kong.

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