China's Digital Yuan has no timetable for launch yet

The central bank has been testing its Digital Currency/Electronic Payment system since April. The bank deployed pilot programs across four major cities: Shenzhen, Chengdu, Xiong'An New Area, and Suzhou. Yi described the testing efforts as routine research work. The trials do not signal that official approval is imminent, he said, and no official launch date has been set.

The bank also plans to conduct further testing during the 2022 Winter Olympics in Beijing. Yi said the central bank wants to use the Olympic environment to verify the digital currency's theoretical reliability and confirm that system stability can withstand real-world operational demands. The PBC is pursuing the Digital Yuan because of public demand for a legitimate digital currency option suited to conditions of the digital economy, Yi said. The bank views the digital currency as addressing a need among the public for new payment and currency infrastructure.

Not all observers believe the project will follow Yi's suggested timeline. The Global Times quoted Cao Yin, who claimed that Chinese authorities could be moving forward much sooner than expected. Yin framed the project as protection against potential threats to China's fiat currency stemming from the United States. Tensions between the two countries have escalated over trade disputes and tariffs. President Trump has also asserted that China originated the coronavirus pandemic and that the country should provide compensation to the world for it.