The People’s Bank of China hopes to implement an electronic form of yuan to complement, rather than compete with, traditional yuan notes. The innovation is unlikely to have an immediate impact on bank deposits. As planned, households and small firms would be able to store and use the new electronic money in common types of payment transactions.
None of the technical solutions employed or the launch dates for this new kind of money have yet been announced. Rumours on these details circulating in the media seem often to be baseless speculation.