China southwestern municipality Chongqing recorded 288 million yuan (US$43 million) in total digital yuan trading volume across 1.576 million transactions as of May 15, the People’s Bank of China’s local branch reported at a Thursday press conference.
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- Chongqing is roughly the size of Austria, with a population of over 32 million in 2020.
- About 1.1 million digital yuan wallets have been opened in Chongqing, with the number of wallets for individuals reaching 1.06 million, and the number of cooperate wallets for business transactions reaching 42,400, the PBoC Chongqing branch said.
- Chongqing’s average digital yuan, or e-CNY, transaction was 182 yuan, which is enough to purchase at least four Big Mac meals in China.
- Digital yuan pilot city Jinhua recently reported its e-CNY performance, where the average transaction was not enough to purchase a single Big Mac meal.
- Chongqing and Jinhua joined China’s central bank digital currency (CBDC) pilots on April 4, now being trialed in 23 cities since October 2020.
See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane?