China adds eight banks to digital yuan network as operators reach 30

The People's Bank of China has added eight commercial banks to its digital yuan operating network, bringing the number of authorised e-CNY service operators to 30. The move, announced Aug. 17, extends the reach of the state-backed digital currency through institutions that already serve retail and corporate customers across the country.

Ping An Bank and Hengfeng Bank were two of the eight approved. The others are China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank. All eight have been connected to the central bank's digital renminbi system, the PBOC said. Customer-facing operations will begin after each bank finishes its remaining business and technical preparations.

The addition comes just over four months after the PBOC approved 12 other institutions in April, including China CITIC Bank, China Everbright Bank and China Minsheng Bank. That round lifted the operator count to 22. With the latest eight, the network now has 30 commercial banks handling digital yuan services.

The PBOC tied the expansion to China's 15th Five-Year Plan for 2026–2030, which calls for steady development of the digital renminbi. The central bank said the additional operators are meant to improve access to e-CNY services and meet demand for secure, convenient payment options.

China's digital yuan operates through a two-tier structure. The central bank controls the underlying currency and infrastructure, while approved commercial institutions handle services for users. Earlier PBOC documentation described commercial banks as a key part of the distribution model, allowing the central bank to use existing financial infrastructure rather than serving every retail user directly.

The operator network expansion follows a significant change to how digital yuan balances are treated within China's banking system. Starting Jan. 1, 2026, banks were allowed to pay interest on verified digital yuan wallets after the PBOC changed the framework governing e-CNY balances.

As crypto.news previously reported, verified digital yuan balances became eligible for interest under the same self-regulatory arrangements used to determine rates on conventional deposits. The balances also received protection under China's national deposit insurance system. Before the change, the e-CNY primarily operated as a digital form of cash. Under the revised structure, commercial banks can manage eligible digital yuan balances within their asset-liability operations, while non-bank payment firms must keep customer reserve funds in digital yuan at a 100% reserve ratio, according to the PBOC framework.

Official figures cited when the changes were announced showed that the digital yuan had processed 3.48 billion transactions by November 2025. Chinese authorities have continued testing new uses for the currency after years of domestic pilot programs involving retail payments, public services and commercial transactions.