China Expands Digital Yuan in Free Trade Zones
China is broadening the use of its digital yuan, starting with its free trade zones. On June 4,the People’s Bank of China (PBOC) announced plans to enhance financial innovations in the Shanghai free Trade Zone. This includes wider adoption of the digital yuan.
Ji Min, head of the PBOC’s Research Bureau, said the country will expand the “Shanghai model” and deepen financial openness. These policies will also apply to other free trade zones. The goal is to promote the digital yuan’s use within these zones.
China is also working to improve electronic payment systems nationwide. however, there are no official plans for a full national rollout yet. This move aligns with broader policy trends. At the Lujiazui Forum,officials discussed expanding the digital currency’s pilot project.
The PBOC aims to deepen financial openness and innovation. Ji Min, head of the PBOC’s Research Bureau, highlighted the expansion of the “Shanghai model.” The central bank will apply these policies to other zones across the country.
China has 21 free trade zones, mostly in coastal areas. These zones offer incentives for foreign investors and simplified business procedures. They serve as testing grounds for regulatory innovations, including the digital yuan. By 2024, the digital yuan is expected to reach over ¥7.3 trillion in transaction volume. Over 180 million individual wallets have been created.The digital yuan’s use will be promoted within these zones. The country is optimizing electronic payment systems. The digital yuan’s pilot project will expand to additional regions. The PBOC has not announced a full national rollout yet. The digital yuan’s success in these zones could lead to nationwide adoption.
These zones are crucial for regulatory innovations. the digital yuan’s success could lead to nationwide adoption. The PBOC is taking steps to optimize electronic payment systems. The digital yuan’s success in these zones could lead to nationwide adoption. The digital yuan’s success in these zones could lead to nationwide adoption.
China’s digital yuan project is gaining traction.
China’s digital yuan project is expanding. The PBOC is taking steps to optimize electronic payment systems. The digital yuan’s success in these zones could lead to nationwide adoption.
