China triples digital yuan bank roster year-to-date as eight more banks join network
The People's Bank of China has added eight more commercial banks to its digital yuan (e-CNY) network, bringing the total number of operators to 30. This expansion is part of a broader effort to integrate digital currency into the national banking system as deposit liabilities.
Why it matters
The rapid expansion of the digital yuan network signals China's commitment to central bank digital currency (CBDC) adoption and its integration into the mainstream financial system.
The central bank added eight new lenders , including Ping An Bank, Hengfeng Bank, Bank of Shanghai, and Bank of Hangzhou, this week. The banks have connected to the central e-CNY system but will start offering services only after completing operational and technical preparations.
This was the second expansion this year. The People’s Bank of China (PBOC) added 12 institutions in April , increasing the total to 22 before the latest eight additions. The two rounds added 20 operators year to date.
Operators provide the customer-facing layer of China’s two-tier digital yuan system . Authorized banks allow customers to open personal and corporate wallets, exchange digital yuan, and process payments as well as anti-money laundering checks. The central bank manages the token’s core system.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in