The digital RMB, China's digital form of its national currency issued by the People's Bank of China (PBOC), has become a cornerstone of China's financial innovation, reflecting the country's broader efforts to modernize its monetary and payment systems.

As of September, 225 million personal wallets have been opened via the e-CNY app, supporting 3.32 billion transactions with a cumulative value of 14.2 trillion yuan (about $1.9 trillion). Pilots have been launched in 26 regions across 17 provinces and cities, with applications spanning wholesale and retail, public services, social governance, and rural revitalization, forming a comprehensive digital currency ecosystem.

This is a comprehensive reform designed to support the development of China's digital economy, enhance inclusive finance, and improve the efficiency of the monetary and payment systems, according to Lu Lei, deputy governor of the PBOC. He noted that the digital RMB system aims to create a new model of currency issuance and operation suited to the digital economy.

Beyond domestic adoption, China is advancing the digital RMB in cross-border payments.

Last month, China's international operation center for the digital RMB opened in Shanghai.

The launch of the center represents an important step in the development of digital RMB, said Tian Xuan, president of the National Institute of Financial Research of Tsinghua University.

"It contributes to enhancing China's influence in the global financial system and provides an open, inclusive and innovative Chinese solution for improving the global cross-border payment system," he said.