At the end of May 2020, the People’s Bank of China (PBOC) Governor Yi Gang disclosed the latest progress on digital RMB. Top-level design, standardisation, research and development and joint trials have been completed based on the ideas of a hybrid model, digital currency as a complement to M0 (physical bank notes and coins in circulation) and controlled anonymity. Internal beta testing of digital RMB has also been piloted in various cities, to assess theoretical reliability, stability of the system, availability of functions, convenience of procedures, applicability of scenarios and controllability of risks. Subsequently on 12 August, the Ministry of Commerce issued the Overall Plan for Comprehensively Deepening the Pilot Program of Innovative Development of Trade in Services which officially announced the implementation of digital RMB pilot projects in the Beijing-Tianjin-Hebei Economic Zone, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and other regions in Central and Western China. Thus, the adoption of digital RMB in China is expected to gradually expand.
Against this background, we are launching The business implications of China’s digital RMB with the attempt to outline the business opportunities and challenges some industries may be facing with the adoption of digital RMB.
You may see the key highlights we have summarised for you below.
China Tax Leader, Central China Markets Leader, Shanghai Office Lead Partner, PwC China
Tel: + (21) 2323 3029
Mainland China Insurance and Financial Holding Companies Consulting Leader, Mainland China Financial Services Digital Transformation Consulting Leader, PwC China
Tel: + (21) 2323 5682