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China city tops US$3mln digital yuan transactions in pilot month

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Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions.  

See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane?

Fast facts

  • The average amount of money transferred in Jinhua calculated from available data shows 40 yuan (US$5.91) per transaction.
  • Zhejiang cities Jinhua and Ningbo on April 4 joined the digital yuan pilots, which are now being trialed in 23 cities since October 2020.
  • Ningbo reported 445,900 total digital yuan wallets opened, with 416,100 of those being personal wallets as of Tuesday, but the city has not disclosed the total volume of digital yuan transactions, according to local media.
  • Jinhua has started airdropping 15 million yuan in digital yuan on Monday to boost adoption, while Ningbo plans to deploy 5 million yuan worth of central bank digital currency (CBDC) red packets throughout May. 

See related article: Digital yuan gets green light on buses, trains in Xiamen, Guangzhou cities



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