- Shift to deep application: Digital renminbi is moving from basic pilots to industry‑focused deployments, with PBoC and local governments prioritizing cross‑border payments, industrial internet and government/citizen services.
- Suzhou 苏州 is the leading hub: 31.0463 million personal wallets, 1.0411 million corporate wallets and ~714,600 merchants; H1 2025 transactions reached ¥2.15 trillion and circulating balance was ¥7.73 billion (≈30% of national total), with cumulative activity > ¥9.00 trillion (≈70% of nationwide).
- Guangdong 广东 shows mass consumer adoption: 44.90 million personal wallets, ~382 million circulation transactions handling ¥157.6 billion in spending and about 6.20 million merchants — among the highest consumer transaction volumes nationwide.
- Cross‑border and mBridge momentum: Multilateral CBDC bridges (e.g., mBridge) are enabling near‑real‑time, large‑value settlements (vs. 1–3 days), exemplified by a Shenzhen supply‑chain settlement of ¥68,000,000; Suzhou recorded 38 currency‑bridge transactions totaling ¥438.24 million (a > 40x increase YoY).
digital renminbi (shuzi renminbi 数字人民币) is moving from basic pilots to deep, industry-focused deployments across China.
- Cross‑border payments
- Industrial internet
- Government/citizen services
Quick snapshot — why this matters for investors, founders, and fintech teams
Digital renminbi (shuzi renminbi 数字人民币) is being embedded faster into China’s economic microcirculation than many expected.
That means payment rails, merchant acceptance, cross-border settlement and fintech product roadmaps are changing now — not someday.
For investors, this is a capital-efficiency and market-structure play.
For founders and product teams, this is a product-distribution and compliance opportunity.
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Digital renminbi embedding deeper into the economy
From retail to cross-border trade, the digital renminbi (shuzi renminbi 数字人民币) is integrating into everyday commerce and institutional finance.
The currency is reshaping payment systems, improving transaction efficiency and injecting momentum into the real economy.
People’s Bank of China (renmin yinhang 中国人民银行, PBoC) branches reviewed first-half 2025 results and prioritized expanding digital renminbi trials and applications for the remainder of the year.
Local government financial implementation plans have likewise highlighted digital renminbi innovation and deployment.
Industry analysts note pilots are shifting from infrastructure and scenario expansion to deep application and ecosystem building.
Key future focus areas listed by analysts include cross‑border payments, industrial internet, and government/citizen services.
Jiangsu (Jiangsu 江苏) and Guangdong (Guangdong 广东) are running ahead
The first half of 2025 showed measurable progress across many provinces.
Multiple provincial and municipal disclosures indicate fast growth in transaction volume, wallet openings and scenario coverage.
Suzhou (Suzhou 苏州) — a key observation window
Suzhou (Suzhou 苏州) has consistently led in application innovation and scale since the pilot began.
Suzhou has opened 31.0463 million personal wallets and 1.0411 million corporate wallets.
Suzhou has enrolled roughly 714,600 merchant outlets supporting digital renminbi payments.
The Suzhou municipal government reported digital renminbi transactions in H1 2025 reached ¥2.15 trillion RMB ($298.61 billion USD).
The circulating digital renminbi balance in Suzhou stood at ¥7.73 billion RMB ($1.07 billion USD) as of the end of July, representing about 30% of the national total.
At an August briefing on Jiangsu’s economic responsibilities, provincial officials said Suzhou’s cumulative digital renminbi transaction volume has surpassed ¥9.00 trillion RMB ($1.25 trillion USD), accounting for roughly 70% of nationwide activity.
On the industry side, Suzhou’s digital financial ecosystem has attracted 62 digital finance laboratories or similar innovation platforms and 845 digital finance ecosystem firms.
A Suzhou branch of the national digital renminbi operations and management center is planned to open within the year.
Nearby Nanjing (Nanjing 南京) reported it had opened 5.756 million personal wallets and 318,000 corporate wallets, with nearly 180,000 offline merchants supporting digital renminbi payments as of June 2025.
Guangdong (Guangdong 广东) — large-scale consumer adoption
Guangdong’s pilot indicators are likewise strong and consumer-focused.
By the end of June, the province had opened 44.90 million personal digital wallets.
Guangdong supported 382 million circulation transactions and handled about ¥157.6 billion RMB ($21.89 billion USD) in spending.
The province reported roughly 6.20 million merchants supporting digital renminbi payments.
Guangdong ranked among the top pilot regions on most major metrics, including the highest number of consumer transactions nationwide.
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Innovative scenario applications keep expanding
Beyond scale, applications are deepening, especially in cross‑border payments and multilateral CBDC bridges (mBridge-style solutions).
Large state banks and city commercial banks have rolled out cross-border solutions for remittances, corporate payments and supply-chain settlement.
Notable bank and city-level examples
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Bank of Communications (jiaotong yinhang 交通银行) Shanghai branch implemented a currency‑bridge cross‑border remittance service for Bank of Shanghai (Shanghai Yinhang 上海银行), the first such mBridge‑style multi‑central‑bank digital currency bridge transaction in the Shanghai area.
Bank of Communications (jiaotong yinhang 交通银行) Shenzhen branch reported its currency‑bridge business had reached ¥4.962 billion RMB ($689.17 million USD) in cumulative transactions as of the end of August 2025.
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Hangzhou Bank (Hangzhou Yinhang 杭州银行) completed multiple multilateral central‑bank digital currency bridge transactions for individual remittances, travel‑group payments and corporate cross‑border service fees.
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Industrial and Commercial Bank of China (gongshang yinhang 中国工商银行, ICBC) Xinjiang branch used a multilateral central‑bank digital currency bridge to process a Hong Kong–stock‑listed company’s dividend payout of HK$30,000,000, equal to roughly ¥27.69 million RMB (≈$3.85 million USD) using approximate exchange assumptions of HK$7.8 per USD and ¥7.2 per USD.
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Under guidance from the PBoC Shenzhen branch, Luohu District (Luohu Qu 罗湖区) and Agricultural Bank of China (nongye yinhang 中国农业银行) Shenzhen branch enabled a key supply‑chain enterprise to settle a single cross‑border trade payment of ¥68,000,000 RMB ($9.44 million USD) via the multilateral central‑bank digital currency bridge.
That settlement was Shenzhen’s first large‑value digital renminbi cross‑border settlement for a major supply‑chain enterprise and used the mBridge platform, achieving near‑real‑time settlement vs. the usual 1–3 business days via traditional SWIFT channels.
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Suzhou (Suzhou 苏州) recorded 38 currency‑bridge transactions totaling ¥438.24 million RMB ($60.86 million USD) in H1 2025, a more than 40x increase over last year.
Promotion of digital renminbi is also being used as a direct economic stimulus tool at the local level.
For example, Chongqing (Chongqing 重庆) reported issuing more than ¥100 million RMB ($13.89 million USD) in digital renminbi consumer red packets by the end of June, covering over 20 sectors including shopping districts, transit and tourism.
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Broad consensus to deepen pilots and enrich scenarios
Although user habit formation and cross‑border interoperability remain challenges, pilot progress shows combining the legal authority of fiat with scenario‑driven flexibility unlocks real value.
Policy and regulatory signals emphasize two priorities: deepen pilot construction, and diversify application scenarios.
The PBoC has called for strengthened digital renminbi infrastructure and wider adoption.
PBoC branches in Beijing, Chongqing and Wuxi have issued local plans to expand cross‑border use, deepen pilots, and build concentrated application zones.
Multiple provincial and municipal governments — including Shanghai, Zhejiang and Shandong — issued guidance this year to advance application‑scenario expansion, technology innovation and ecosystem optimization.
Notable policy moves that matter
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On April 21, the People’s Bank of China (renmin yinhang 中国人民银行), the National Financial Regulatory Administration and the State Administration of Foreign Exchange, together with the Shanghai municipal government, released an action plan to further enhance cross‑border financial convenience in Shanghai.
The plan supports Shanghai‑based digital renminbi pilot banks’ participation in multilateral central‑bank digital currency bridge projects and exploration of innovative scenario pilots.
The plan also supports the foreign‑exchange trading center providing liquidity and conversion services for multilateral CBDC bridge operations.
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In late April, the Shandong provincial government issued implementation guidance to deepen its business environment reform brand.
The plan calls for improving consumer services, promoting “one‑stop” subsidy reforms for appliance, mobile phone and car replacements, and expanding digital renminbi application scenarios so subsidy funds are increasingly disbursed in digital renminbi form.
What to watch next — three concrete trends for H2 2025
Expect the second half of 2025 to emphasize three trends.
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1) Deeper, industry‑focused applications — cross‑border, industrial internet and government services will get prioritized pilots and funding.
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2) More large‑value and near‑real‑time cross‑border settlement — multilateral central‑bank bridges such as mBridge will be used for higher‑value, time‑sensitive trades and dividend payments.
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3) Continued regulatory and local government support — central and local regulators will push infrastructure, concentrated application zones and merchant/consumer adoption.
Investor and founder takeaways — where to focus
Look for product and partnership opportunities in three areas.
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Cross‑border rails and FX conversion services — platforms that can integrate mBridge-style flows with liquidity services will be in demand.
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Merchant and supply‑chain integrations — companies enabling merchants and enterprise supply chains to accept and settle in digital renminbi will unlock adoption tailwinds.
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Compliance and infrastructure stacks — identity, wallet management, hardware wallets and smart‑contract tooling for regulated CBDC flows present clear product gaps.
Linking and SEO opportunities
Suggested internal link topics to add when publishing:
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Explainer: What is a Central Bank Digital Currency (CBDC)?
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Case study: mBridge — how multilateral CBDC bridges work
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Guide: Integrating digital renminbi payments for merchants
Quick glossary
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Digital renminbi (shuzi renminbi 数字人民币) — China’s legal digital currency issued by the PBoC.
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PBoC (People’s Bank of China, renmin yinhang 中国人民银行) — China’s central bank.
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mBridge — multilateral central‑bank digital currency bridge platform used for near‑real‑time settlement between participating jurisdictions.
Final note
Keep watching Suzhou (Suzhou 苏州) and Guangdong (Guangdong 广东) for early signals of mainstream adoption and cross‑border innovation in the digital renminbi (shuzi renminbi 数字人民币).
