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China Looks to Ramp up ‘Cross-border’ Digital Yuan Spending
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Chinese bank chiefs are looking to start 2024 by driving up “cross-border” digital yuan spending.
Per the Haikou Municipal Commerce Bureau (via Hainan News), the tourism hub of Haikou has begun issuing over $706,000 worth of “offshore tax-free coupons” for digital yuan-paying customers.
Haikou is also known as Coconut City and before the coronavirus pandemic welcomed some 83 million visitors a year.
The giveaway is the brainchild of three of the nation’s biggest state-owned banks, the Industrial and Commercial Bank of China, the Bank of China, and the Agricultural Bank of China.
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