China's digital yuan initiative has made significant progress after more than a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People's Bank of China (PBOC). The central bank digital currency (CBDC) has been trialed in 17 different areas, with a total transaction value of 7 trillion yuan ($1 trillion). China is also collaborating with other countries on a cross-border digital currency project to enhance global payment systems. Lu emphasized the digital yuan's role in improving financial inclusivity and payment efficiency. The project is in the minimum viable product stage and has allowed real transactions across participating countries.



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