Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Chinese Panel Maker BOE to Raise $3 Billion Through Share Sale
Foxconn Gains Approval to Produce Laptops and Tablets in Vietnam
Kuishou IPO Could be Only Weeks Away
Chinese Edtech Platform Jiliguala Nets $100m Series C from Tencent, Others
Malaysia’s Navis Capital Invests in Singapore’s Fintech Solutions Firm Moneythor
Tesla Delivers First Shanghai-Built Model Y Electric SUVs
Chinese Social Media Platform Weibo Punished for Spreading Pornographic Content
Trending in China: Could “76 Days”, a Doc About Covid-19 in Wuhan, Win an Oscar?
Huawei to Establish Biggest-Ever Overseas Flagship Store in Riyadh
China’s First High-School Education Group Files for $100m US IPO
Danish Pension PBU Backs First Close of New SE Asia-Focused Women’s Fund
Tencent Music to Buy Audiobook Platform Lazy Audio for $416 million
Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
China Gives Away $1.5 Million to Test Digital Currency

By Hu Yue and Luo Meihan / Oct 12, 2020 12:35 PM / Finance

Photo: IC

Photo: IC

China’s southern megacity of Shenzhen will use the central bank’s new digital currency to provide 10 million yuan ($1.5 million) of coupons to residents as part of ongoing pilot programs to test China’s virtual yuan, in a sign that the digital currency is approaching widespread use.

The local government of Shenzhen’s Luohu district will give 50,000 people digital coupons (link in Chinese) worth 200 yuan each, which they can spend from Oct. 12 to Oct. 18 in nearly 3,400 designated shops that are capable of accepting digital yuan payments, ranging from supermarkets and convenience stores to gas stations.

The coupons, which are also aimed to stimulate consumption, is the latest move to expand trials of the digital currency, which has been under development by China’s central bank since 2014.

The People’s Bank of China (PBOC) regards the digital yuan as important part of the economy’s future financial infrastructure, according to Fan Yifei, a PBOC deputy governor. “To protect fiat currency from crypto assets and safeguard monetary sovereignty, it is necessary for the central banks to digitize bank notes through new technologies,” he said.

Read the full story here on Caixin Global.

Contact editor Gavin Cross (

Related: Exclusive: Two More State-Owned Banks Join China’s Digital Currency Trials

Share this article
Open WeChat and scan the QR code