BUSINESS Digital yuan in circulation hits 13.61 bln yuan in 2022

BUSINESS

Digital yuan in circulation hits 13.61 bln yuan in 2022

Xinhua

11:07, January 25, 2023

BEIJING, Jan. 25 (Xinhua) - The amount of digital yuan in circulation reached 13.61 billion yuan (about 2.01 billion U.S. dollars) by the end of 2022, data from the country's central bank showed.

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken Oct 16, 2020. (Photo: Agencies)

With the digital currency included, China's outstanding M0, the amount of cash in circulation, totaled 10.47 trillion yuan by the end of last year, up 15.3 percent year on year, according to the People's Bank of China.

As a digital form legal tender, digital yuan is a component of Chinese currency, just like the physical renminbi. It is necessary to combine the statistics and analysis as well as implementing overall management of the two forms of the currency, said Xuan Changneng, vice governor of the bank.

With application scenarios, transaction value and amount of digital yuan increasing steadily in recent years, relative management and calculation systems have improved, Xuan said.

The inclusion of digital yuan in M0 can reflect the scale of currency in circulation in a more accurate way, he added.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue