Mon. Sep 26th, 2022

Chinese online retail platform reported 400 million yuan (US$60 million) in digital yuan sales at the “618” shopping festival, accounting for about 1% of the event’s total sales. 

See related article: Double Eleven: 240,000 orders by e-CNY on top e-commerce platform

Fast facts

  • China’s central bank digital currency (CBDC), the digital yuan or e-CNY, started pilot trials in Shenzhen in October 2020 and has since expanded to 23 cities.
  • Digital yuan transactions at the 18-day festival exceeded CBDC sales volume recorded by the retailer between December 2020 and May 2022, fintech arm JD Technology (JDT) said. 
  •’s total sales during the shopping festival rose 10.3%, well below the 27.7% increase in 2021’s celebration, which the slowest pace of growth recorded by, according to Reuters.
  • China’s retail sales in May slumped 6.7% from a year ago. 

See related article: China’s zero-Covid policy realigning global economy, financial markets

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