Digital yuan in circulation hits 13.61 bln yuan
Xinhua
25 Jan 2023, 16:44 GMT+10
BEIJING, Jan. 25 (Xinhua) -- The amount of digital yuan in circulation reached 13.61 billion yuan (about 2.01 billion U.S. dollars) by the end of 2022, data from the country's central bank showed.
With the digital currency included, China's outstanding M0, the amount of cash in circulation, totaled 10.47 trillion yuan by the end of last year, up 15.3 percent year on year, according to the People's Bank of China.
As a digital form legal tender, digital yuan is a component of Chinese currency, just like the physical renminbi. It is necessary to combine the statistics and analysis as well as implementing overall management of the two forms of the currency, said Xuan Changneng, vice governor of the bank.
With application scenarios, transaction value and amount of digital yuan increasing steadily in recent years, relative management and calculation systems have improved, Xuan said.
The inclusion of digital yuan in M0 can reflect the scale of currency in circulation in a more accurate way, he added.
Subscribe and Follow
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
News RELEASES
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More Information
16
℃
South Korean exports fall 2.7% in first 20 days in January
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
Ireland had highest EU budget surplus in third quarter 2022
DUBLIN, Ireland: Ireland reported a higher budget surplus than any other country among the 27-member European Union for the third ...
As yearly output declines, experts say US manufacturing in recession
WASHINGTON D.C.: Based on a range of measurements, US manufacturing could have entered a recession in the fourth quarter of ...
US Wolfspeed to build $2.17 billion chip factory in Germany
FRANKFURT, Germany: German media has reported that American power chipmaker Wolfspeed Inc is planning to build a factory in Germany, ...
Japan employers agree with prime minister to raise wages
TOKYO, Japan: More than half of major Japanese companies are planning to raise wages this year, after Prime Minister Fumio ...
Taiwan Q4 GDP plunges to lowest in 13 years
TAIPEI, Taiwan: Highlighting its worst performance in 13 years, Taiwan's trade-dependent economy contracted in the fourth quarter, affected by declining ...
Smoking banned from Mexican hotels and beaches
Public health experts have welcomed Mexico's ban on cigarette smoking in all public places, including hotels and beaches, after the ...
Lawyers suing as Consumer Reports says high metal levels in chocolates
YONKERS, New York: After testing discovered harmful levels of heavy metals in chocolate, consumer magazine Consumer Reports has urged four ...
France military ordered out of Burkina Faso in west Africa
OUAGADOUGOU, Burkina Faso: As Burkina Faso, in western Africa, faces an Islamist insurgency, it is set to end a military ...
As births continue to fall, Japan seeks incentives for parents
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
US moving towards offering annual Covid vaccines to most Americans
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
December crossings of US border set record
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...
