The PBOC approved eight more banks as digital yuan operators, bringing the total to 30. The expansion targets broader geographic coverage and deeper local market penetration for China's CBDC.
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China's central bank brought eight more commercial lenders into the digital yuan operator network on Aug. 17, raising the total number of authorized institutions to 30.
The People's Bank of China approved three national joint-stock banks – Ping An Bank, Hengfeng Bank, and China Bohai Bank – along with five city commercial banks: Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank. Each has already established technical connections to the central bank's digital yuan infrastructure.
The new operators will offer wallet issuance, payment processing, and related services once remaining operational and technical preparations are complete, the PBOC said.
This is the second network expansion in 2026. In April, authorities added a dozen banks, lifting the total from an initial core group of about 10 to 22. The progressive inclusion of both large joint-stock institutions and regionally focused city commercial banks is a deliberate push to broaden geographic reach and deepen local market penetration, including support for small and medium-sized enterprises and some cross-border trade.
The PBOC said the expansion aims to improve the inclusiveness of digital yuan services and meet public demand for secure, convenient payment options. Future additions to the operator roster will proceed in an orderly fashion under market-oriented and law-based principles, officials added.
The move aligns with objectives in China's 15th Five-Year Plan covering 2026–2030, which calls for steady advancement of the digital renminbi.
The e-CNY operates under a two-tier structure. The central bank oversees the core system, rules, and standards. Commercial banks handle day-to-day user interactions, including identity verification, anti-money-laundering compliance, transaction monitoring, and digital wallets accessible through their own platforms.
Recent regulatory changes have given banks more incentive to promote adoption. Since early 2026, verified digital yuan balances have been treated as interest-bearing deposits, allowing institutions to integrate the currency more closely with traditional banking products.
Since pilot programs began in 2019, the digital yuan has expanded into everyday retail, public services, tourism, and education. Cumulative transaction volumes have grown substantially, though retail uptake has faced competition from established private payment platforms like Alipay and WeChat Pay.
By adding banks with strong regional footprints, authorities are working to embed the e-CNY more deeply into the broader financial system and improve accessibility for users and businesses across more of the country.
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