Chinese online retail platform JD.com reported 400 million yuan (US$60 million) in digital yuan sales at the “618” shopping festival, accounting for about 1% of the event’s total sales.
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- China’s central bank digital currency (CBDC), the digital yuan or e-CNY, started pilot trials in Shenzhen in October 2020 and has since expanded to 23 cities.
- Digital yuan transactions at the 18-day festival exceeded CBDC sales volume recorded by the retailer between December 2020 and May 2022, JD.com fintech arm JD Technology (JDT) said.
- JD.com’s total sales during the shopping festival rose 10.3%, well below the 27.7% increase in 2021’s celebration, which the slowest pace of growth recorded by JD.com, according to Reuters.
- China’s retail sales in May slumped 6.7% from a year ago.
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