Digital yuan or e-CNY, a component of China s currency, played a major role in stimulating local consumption during the just-ended Spring Festival holidays, a traditional consumption peak season in China, as the digital form of the legal tender develops rapidly.
Chinese regulators have approved tech heavyweight Alibaba's financial arm Ant Group to raise 10.5 billion yuan ($1.5 billion) for its consumer finance unit, marking a significant step forward for the revamp of the financial technology company's lucrative consumer loan business.
The trial use of digital yuan has played a significant role in boosting domestic consumption as such use has been utilized in more Chinese cities and application scenarios, thus further boosting company participation.
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