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Yiwu in East China's Zhejiang province recently became the first in China to have a digital renminbi exchange machine outside a bank.
The machine, introduced in partnership with Yiwu Pay and Bank of China, allows customers to exchange 18 foreign currencies for digital renminbi without needing to open a bank account. The machine also offers guidance in eight languages.
"Users can select their desired currency and deposit cash, and the machine will automatically convert it into digital renminbi according to the real-time exchange rate," said a Bank of China representative. Customers then receive a card-style digital renminbi wallet with the corresponding amount loaded onto it, with a daily exchange limit of 5,000 yuan ($717.72).
The digital renminbi exchange machine has attracted much interest from both individuals and businesses, with some foreign clients finding it much more convenient than the traditional method of opening a bank account.
This innovative use of the digital renminbi not only increases its online and offline usefulness, but also promotes the development of the digital economy in Yiwu, according to officials.