E-RMB

• 03 Jul 2020

• China has started testing its digital currency named e- RMB in four major Chinese cities.
• e-RMB is set to be the first digital currency operated by a major economy.
• People’s Bank of China (PBOC), the country’s central bank will be the sole issuer of the digital currency.
• This is part of China’s Digital Currency Electronic Payment (DCEP) project which began in 2014.

The renminbi is the official currency of China, and one of the world's major reserve currencies. The yuan is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts where "Chinese yuan" is widely used to refer to the Renminbi.