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
Trending in China: Gilding the Lily or Ground-breaking Invention? E-RMB Lands in Shanghai

Han Xu / Jan 06, 2021 05:41 PM / Trending Stories

What’s trending?

On Jan. 5, Shanghai became an experimental hub for the country’s e-RMB, making it the fifth city in China, after Shenzhen, Suzhou, Chengdu and Xiong’an, to pilot the digital currency. The hashtag #Shanghai-trials-e-RMB# has been viewed over 150 million times on Weibo.

What’s the story?

Yu Yiming, a doctor working at a hospital in Shanghai, was the first person to use the Digital Currency Electronic Payment or e-RMB to buy a meal in the hospital canteen. Different from those in Shenzhen and Suzhou, the Shanghai e-RMB is not an app operated on the phone but a separate debit-card-like device. The card displays your transactions, balance and other information in the top right-hand corner. Officials said that the card design was an effective solution for people who wished to use the e-RMB but did not have access to a smartphone.

At the moment, the e-RMB in Shanghai is accepted only in a limited number of businesses but an increasing number of merchants are showing a willingness to participate in the trial. Dr. Yu’s hospital promised that it would expand usage of the e-RMB to parking and medical fees.

The People’s Bank of China, the country’s central bank, started to pilot the e-RMB last April. According to the central bank, the currency is pegged to China’s yuan, and one of its biggest advantages is that unlike

WeChat Pay and Alipay, transactions can be made offline.

What are people saying online?

Despite officials promoting the use of the e-RMB, enthusiasm is weak on social media. “Wow this so cool. I suggest a new name for it: a canteen card,” joked one Weibo user. Another popular comment read, “Basically I am using my debit card on another card.”

But others said they were all for the new payment method. “The e-RMB operates just like cash, meaning that merchants cannot refuse it. Plus, when you withdraw money from Alipay and WeChat Pay, they charge you a handling fee, but not when using e-RMB,” read one comment.

Related: China Starts Trial of Digital Currency in Four Cities


Share this article
Open WeChat and scan the QR code