Huizhou has recorded the fastest growth in the number of digital yuan transactions in Guangdong province. Since the beginning of this year, the city has seen an increase of 4.56 million digital yuan transactions.
The digital yuan, also known as the e-CNY, is a digital form of fiat currency issued by the People's Bank of China.
This year, the city distributed over 20 million yuan in government consumption coupons via digital yuan. In addition, various financial institutions have issued personal consumption loans and housing mortgages using the digital currency, which has significantly boosted market consumption.
In the business sector, Huizhou's financial institutions have introduced digital yuan loans. Companies can also use the digital currency to distribute wage subsidies and pay various fees.
In cross-border payments, the digital currency enables 100 percent real-time settlement of cross-border funds while completely avoiding intermediary bank fees, reducing enterprises' overall settlement costs by 30 percent.
Since the launch of the pilot program in December 2022, Huizhou has vigorously promoted the application of the digital yuan across various sectors related to people's livelihoods.
To date, the city has opened a total of 2.585 million personal digital yuan wallets and 165,000 corporate wallets. Transaction volume has reached 18.92 million, with a total value of 27.2 billion yuan. The digital currency is now accepted by 404,000 merchants, both online and offline.
Reporter | Liu Guangmingbao
Photo | Wang Changhui
Editor | Huang Qini, James Campion, Shen He
