China's digital yuan transactions hit 7 trln yuan

BEIJING -- China's digital yuan transactions amounted to 7 trillion yuan (about $86.07 billion) by the end of June this year, said the central bank's deputy governor on Thursday.

China has preliminarily verified the feasibility and reliability of digital yuan in theory, business and technology, while the operation structure has been formed and various systems have been continuously improved, Lu Lei, deputy governor of the People's Bank of China, told a press conference.

He noted that the digital yuan had been piloted in 17 provincial-level regions in sectors such as wholesale and retail, catering, cultural activities, tourism, education and medical care. A number of online and offline application schemes that can be replicated and promoted have taken shape.

Lu said the digital yuan has played a positive role in stimulating household consumption, promoting green transformation and optimizing the business environment.

The central bank will grasp the general trend of digital development, continuously and steadily promote the research, development and application of digital yuan, and consolidate the foundation for the development of digital yuan, said the deputy governor.