China Confirms Digital Yuan Trials in Four Cities

China’s central bank confirmed on 17 April 2020 that work on its digital renminbi was advancing, with closed trials under way in Shenzhen, Suzhou, Chengdu and Xiong’an. The tests preceded a wider rollout, for which the bank had given no timetable. Peking University economist Xu Yuan said the system could let the central bank monitor cash flows in real time. The trials brought state-issued digital money into local payment systems with greater scope for central-bank oversight.