JD.com tops $60M in digital yuan sales in 618 shopping festival

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Chi­nese online retail plat­form JD.com report­ed 400 mil­lion yuan (US$60 mil­lion) in dig­i­tal yuan sales at the “618” shop­ping fes­ti­val, account­ing for about 0.1% of the event’s total sales. 

See relat­ed arti­cle: Dou­ble Eleven: 240,000 orders by e‑CNY on top e‑commerce platform

Fast facts

  • China’s cen­tral bank dig­i­tal cur­ren­cy (CBDC), the dig­i­tal yuan or e‑CNY, start­ed pilot tri­als in Shen­zhen in Octo­ber 2020 and has since expand­ed to 23 cities.
  • The 618 fes­ti­val saw an esti­mat­ed 379 bil­lion yuan in sales this year. 
  • Dig­i­tal yuan trans­ac­tions at the fes­ti­val — which starts on June 1 and con­cludes on June 18, the day of the company’s found­ing — exceed­ed CBDC sales vol­ume record­ed by the retail­er between Decem­ber 2020 and May 2022, JD.com fin­tech arm JD Tech­nol­o­gy (JDT) said. 
  • JD.com’s total sales dur­ing the shop­ping fes­ti­val rose 10.3%, well below the 27.7% increase in 2021’s cel­e­bra­tion, which was the slow­est pace of growth record­ed by JD.com, accord­ing to Reuters.
  • China’s retail sales in May slumped 6.7% from a year ago. 

See relat­ed arti­cle: China’s zero-Covid pol­i­cy realign­ing glob­al econ­o­my, finan­cial markets

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