SCIO press conference on China's financial statistics in 2022

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From December 2022, the digital RMB was included in calculating the amount of currency in circulation (M0). What is the purpose of doing so? Is it related to its official issuance in the future? 

Xuan Changneng:

Thank you for your questions. The digital RMB is a digital version of the legal tender issued by the PBC. Like the physical yuan, the digital yuan is part of the currency. From the perspective of statistics and management, the physical and digital yuan should be tallied, analyzed and managed together. In recent years, as pilot schemes for digital RMB have advanced, application scenes have expanded and transaction volume and stock have increased. Relevant management and statistical systems have been improved. Adding the digital RMB to the calculation of money in circulation (M0) can provide a more accurate result of the latter. By the end of 2022, the amount of digital RMB in circulation was 13.61 billion yuan. With digital RMB included, the year-on-year increase in M0 was 15.3%. 

According to the requirement of steadily promoting the research and development of digital currency in the 14th Five-Year Plan, the PBC will advance research and development pilots of digital RMB in an orderly manner, continue to improve the top-level design and the construction of the ecosystem, and strengthen the innovation of products and applications. We will gradually establish a sound management framework and continue to build upon the pilot plan's success. Financial statistics will monitor the issuance of digital RMB in the future and release relevant data to the public on a timely basis.

Thank you. 

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