China Expands Digital Yuan Network With 8 New Banks, Total Operators Reach 30

China’s central bank has expanded its digital yuan network by adding eight new banks, bringing the total number of authorized e-CNY operating institutions to 30. The People’s Bank of China named Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank as the newest additions.

These banks will connect to the PBOC’s digital yuan infrastructure and begin offering e-CNY services once they complete the required operational and technical preparations.

Steady Growth in Digital Yuan Operators

This latest expansion follows a similar move in April, when 12 city commercial banks joined the network. Before this year’s additions, only 10 banks were authorized to operate on the system, with Industrial Bank being the last to join back in 2022.

Dong Ximiao, chief researcher at Merchants Union Consumer Finance, said the addition of new operators could help address service gaps for regional small and medium-sized businesses, as well as cross-border trade needs.

A Long-Running Push Toward Digital Currency Adoption

The PBOC first began researching a digital currency in 2014 and moved into pilot testing by late 2019. Since then, China has steadily broadened e CNY use across merchant payments, public utility services, and government transactions. The central bank has stated it intends to keep expanding the operator network to boost competition and widen public access to the digital currency.