The Information Office of the State Council of China held a series of press conferences on "Promoting High-Quality Development" last week. Lu Lei, deputy governor of China's central bank (NBK), spoke at them and answered questions regarding the implementation of the digital yuan.

At present, the digital yuan has been tested in 17 provinces ... and has been applied in wholesale and retail trade, catering, culture and tourism, education and medical services, forming application solutions," the official said. As of the end of June this year, the cumulative transaction volume of the digital yuan reached 7 trillion yuan, accounting for nearly $1 trillion.

Lu emphasized the role of the digital yuan in improving financial inclusion and payment efficiency, saying it has "played a positive role in boosting residents' consumption, promoting green transformation and optimizing the business environment." The official stressed that more than 6 years of research and development and more than 4 years of pilot projects have confirmed the reliability of the digital yuan in theory and practice, and its implementation process is generally running smoothly.

In addition, the Chinese central bank is actively participating in a cross-border digital currency project with the central banks of Hong Kong, Thailand and the UAE.