Xie is said to have expressed disappointment with the result of the digital yuan trial in select provinces and cities, noting that “the cumulative circulation of the digital currency in the two years of trial has been only ¥100 billion”. Adding that the usage has been “low and highly inactive”.
Despite China being among the leaders in developing central bank digital currencies, Xie says that the digital yuan business had no synergistic effect and no commercial benefits in banks’ business.
That’s at least some insight into the experiment so far and is likely a similar view held among central bank officials as well, considering that there has been very little update on the test run. Xie also goes on to say that “cash, bank cards and China’s third-party payment mechanisms have formed a payment market structure that has met needs for daily consumption” and that “changing it is difficult”.