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Digital renminbi

Digital Renminbi
数字人民币
DCEP
(Digital Currency Electronic Payment)
数字货币电子支付
e-CNY
The digital renminbi logo features the Yen sign. The yen sign is surrounded by the lower-case Latin letter E, like in electronic. The horizontal line of the E and the top horizontal of the ¥ are the same line. The color of the symbol is a slightly darker red.
Digital Renminbi / e Yuan Sign
ISO 4217
CodeCNY (numeric: 156)
Subunit0.01
Unit
Unityuán (元 / 圆)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol or e¥ / ¥ ‎
Denominations
Subunit
 1⁄10jiǎo (角)
 1⁄100fēn (分)
Demographics
Date of introduction14 August 2020 (14 August 2020)
Official user(s) People's Republic of China (Mainland China)
Shenzhen, Suzhou, Xiong'an, Chengdu, Beijing, Zhangjiakou, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian, Fuzhou, Xiamen, Guangzhou, Tianjin, Chongqing, Hangzhou, Ningbo, Wenzhou, Huzhou, Shaoxing, Jinhua, Jinan, Nanning, Kunming, Fangchenggang, Xishuangbanna
Unofficial user(s) Hong Kong
 Macau (pilot test)
Issuance
Central bankPeople's Bank of China
 Websitewww.pbc.gov.cn
PrinterPeople's Bank of China Digital Currency Research Institute
 Websitewww.ecny.pbcdci.cn
Valuation
Inflation2.5% (2017)
Pegged with Chinese renminbi (at par)
Value1 USD = 7.171 eCNY
1 EUR = 6.960 eCNY
1 CNY = 1.000 eCNY
1 GBP = 7.946 eCNY
(12 October 2022)

Digital renminbi (Chinese: 数字人民币; also abbreviated as digital RMB and e-CNY),[1] or Digital Currency Electronic Payment (DCEP, Chinese: 数字货币电子支付; pinyin: Shùzì huòbì diànzǐ zhīfù), is a central bank digital currency issued by China's central bank, the People's Bank of China.[2] It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021.[2][3] The digital RMB is legal tender[4] and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins.[2]

The digital yuan is designed to move instantaneously in both domestic and international transactions.[2][5] It aims to be cheaper and faster than existing financial transactions.[2] The technology enables transactions to take place between two offline devices.[6][7]

The digital renminbi is seen by some commentators as a form of Chinese government surveillance and control over users and their financial transactions.[2][8]

  1. ^ "China Charges Ahead With a National Digital Currency". The New York Times. 2021-03-01. ISSN 0362-4331. Retrieved 2021-09-02.
  2. ^ a b c d e f Areddy, James T. (2021-04-05). "China Creates its Own Digital Currency, a First for Major Economy". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-04-06.
  3. ^ Popper, Nathaniel; Li, Cao (2021-03-01). "China Charges Ahead With a National Digital Currency". The New York Times. ISSN 0362-4331. Retrieved 2021-04-06.
  4. ^ "解码数字人民币："新"在何处 用在哪里？-新华网". www.xinhuanet.com. Retrieved 2021-04-06.
  5. ^ Bloomberg (26 Nov 2021) China Looks To Set Up Digital Asset Bourse in Virtual Yuan Push
  6. ^ "Virtual control: the agenda behind China's new digital currency". www.ft.com. Archived from the original on 2021-02-17. Retrieved 2021-04-06.
  7. ^ "Beijing's digital yuan policy will have its Huawei moment". Nikkei Asia. Retrieved 2021-04-09.
  8. ^ Cite error: The named reference ft.c_Virtual_control was invoked but never defined (see the help page).
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