- China’s central bank added eight banks to the digital yuan operator network, bringing the total to 30.
- The new banks will launch e-CNY services after completing operational and technical preparations.
- The PBOC said it will keep expanding the network to promote competition and broader access.
China has expanded its digital yuan network again, adding eight banks and lifting the number of e-CNY operating institutions to 30. Xinhua reported that the People’s Bank of China approved the new lenders, which will connect to the central bank’s system after completing operational and technical preparations. The move follows another round of additions earlier this year and adds to China’s broader rollout of the digital yuan across payments and public services. The central bank has said a wider operator base can help improve competition and expand access as the digital yuan reaches more regions and user groups.
Digital yuan operator list grows to 30
The People’s Bank of China added Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank to the digital yuan network. With those additions, the total number of e-CNY operating institutions has reached 30. These newly authorized lenders will be linked to the PBOC’s digital yuan system. They are expected to begin offering services only after they complete operational and technical preparations, according to the Xinhua report published Monday on the government’s website.
Recent digital yuan expansion this year
The latest digital yuan expansion follows an earlier increase in April, when the PBOC added 12 institutions to the operator list. At that time, city commercial banks joined the network, marking a significant broadening of participation in the e-CNY system. Before this year’s additions, only 10 banks were authorized operators. Industrial Bank had been the last institution to join in 2022, so the digital yuan operator network has grown much more quickly this year than in the previous period.
New banks may fill service gaps
Dong Ximiao, chief researcher at Merchants Union Consumer Finance, said the added operators could help close gaps in service coverage. He pointed to regional small and medium-sized enterprises as one area where the expanded banking network may be useful. He also said cross-border trade could benefit from the broader operator list. By bringing in banks with different regional footprints, the digital yuan network may be better positioned to serve more localized business activity while extending the reach of available services.
Digital yuan rollout continues beyond pilots
The PBOC began researching a digital currency in 2014 and launched pilot programs in late 2019. Since then, the digital yuan has been expanded into merchant payments, public utilities and government services, showing that the project has moved well beyond its initial testing phase. The central bank has also said it will continue broadening the operator network. That policy direction aligns with the latest additions, as the PBOC links digital yuan expansion to stronger competition among providers and wider public access to the system.
Conclusion
China’s latest digital yuan expansion adds eight banks to the e-CNY operator network and raises the total number of participating institutions to 30. The newly approved lenders still need to complete operational and technical preparations before they can offer services, but the move continues a faster pace of growth this year after 12 institutions were added in April. The PBOC has framed the larger digital yuan network as a way to improve competition and broaden access, while researcher Dong Ximiao said the added banks could help support regional businesses and cross-border trade. Overall, the update shows the digital yuan continuing to expand through more banking channels.
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