China's digital RMB notches $12.35 billion in transactions in first 5 months

China’s digital RMB transactions in 15 provinces reached about 83 billion yuan ($12.35 billion) at the end of May this year, under the joint efforts of the central bank and local governments, said Zou Lan, head of the financial market department of the People's Bank of China, on Wednesday.

By May 31, nearly 4.57 million commercial outlets were available for digital RMB payments, Zou said.

The digital RMB has been applied to financial fields such as wealth management, loans and insurance.

Next, the central bank plans to steadily increase digital RMB pilots, strengthen application innovation, conduct research on major issues, and deepen international exchange and cooperation.

China builds second-generation geosynchronous orbit data relay satellite system The Millennium Challenge Corporation: A Friend or Foe for Development?