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China Looks to Ramp up ‘Cross-border’ Digital Yuan Spending

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. The banks have attempted to remove friction for digital yuan consumers by allowing them to claim the vouchers in-store.

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