China Expands Digital Yuan Bank Roster to 30, Adds 8 Lenders

The initial rollout relied on China's largest state-owned banks: Industrial and Commercial Bank of China and Bank of China, along with Agricultural Bank of China and other state-owned peers. Smaller banks like Ping An and Hengfeng serve regional economies and small and medium-sized enterprises, areas where the national giants had limited e-CNY infrastructure. The expanded roster brings the digital currency to a broader customer base, especially in provinces and cities where these regional lenders dominate.

Cross-border payments are another area where the expanded roster could make a difference. In July 2026, the PBOC launched a pilot with Singapore for cross-border e-CNY transactions. The pilot allows residents of both countries to use the digital yuan for retail payments and remittances. Adding more authorized banks could accelerate the integration of e-CNY into trade finance and cross-border supply chains.

The expansion aligns with goals in China's 15th Five-Year Plan, which targets enhanced service accessibility and greater competition in digital payments. The PBOC operates a two-tier hub-and-spoke model: the central bank issues the digital currency, while authorized commercial banks handle distribution, customer onboarding, and transaction processing. A larger operator network increases the system's resilience and reach.

More than 130 countries are exploring digital currencies. None match China's transaction volumes. The European Central Bank's digital euro remains in a preparatory phase. The U.S. has shelved its CBDC research under political pressure. India's digital rupee has seen modest traction. China's lead in both adoption and infrastructure is widening.