After two-and-a-half months, China’s southeastern city of Guangzhou surpass $73.2 million in digital yuan transactions

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

Digital yuan transactions top US$73 mln in Guangzhou

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 ($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 ($149-1,195).

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