China to Distribute 30 Million Digital Yuan in Lottery

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The Chinese city of Shenzhen and Chinese banks have prepared 4.5 million “red envelopes” for distribution in order to support the economy after the lockdown.

On May 30, the Chinese city of Shenzhen, the People’s Bank of China and several major banks will airdrop 30 million digital yuan in a lottery in order to support the local economy, which was hit by lockdowns during the COVID-19 pandemic.

In early March, the local authorities implemented movement restrictions in Shenzhen due to the detection of several cases of coronavirus. During the lockdown, public transport and businesses were stopped, including the production of iPhone, iPad and Mac at the Foxconn plant. By the end of March, restrictions were eased and production resumed.

The lottery is organized by the commercial department of the city’s municipality in cooperation with the People’s Bank of China, the Agricultural Bank of China, the ICBC, the China Construction Bank, the Bank of Communications and others.