China Triples Digital Yuan Network to 30 Banks This Year

China has tripled the number of banks connected to its digital yuan network in 2026, growing from 10 lenders at the start of the year to 30 today. The central bank added eight new institutions this week, including Ping An Bank, Hengfeng Bank, Bank of Shanghai, and Bank of Hangzhou, following an earlier round of 12 additions in April.

How the System Works

These banks act as the customer-facing layer of China’s two-tier digital yuan structure, allowing users to open wallets, exchange digital yuan, and process payments, while the central bank oversees the core system.

New Framework Adds Interest on Holdings

The expansion follows a broader policy overhaul effective January 1, under which digital yuan held in bank wallets became deposit liabilities, requiring banks to pay interest while balances remain covered by deposit insurance.

Transaction Volume Continues Climbing

China processed 3.48 billion digital yuan transactions worth roughly $2.5 trillion through November 2025, with the central bank stating it will keep expanding operators using market-based principles.