China to roll out digital yuan oversight framework on January 1, 2025 as usage hits RMB 14.2 trillion

China's central bank, the People's Bank of China, announced on December 29 that a new action plan for managing the digital yuan will take effect on January 1. The framework aims to strengthen monitoring and measurement of e-CNY as it moves into full-scale domestic and cross-border use, with transaction volumes reaching RMB 14.2 trillion by September 2025. Governor Pan Gongsheng also outlined measures to expand bank participation, enhance international operations centers, and maintain strict enforcement against domestic virtual currency speculation.