The People's Bank of China (PBOC) has been exploring the possibility of launching its own digital currency since 2014 to cut the costs of circulating traditional paper money and boost policymakers' control of money supply.
Some analysts say China appears to have accelerated the push to digital money after US social media giant Facebook announced plans in June to launch digital coin Libra - the most high-profile proposed digital currency so far - within a year, a move that has shocked global policymakers and raised regulatory concerns.