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- China has added eight banks, taking its digital yuan operating network to 30 institutions.
- The expanded e-CNY network could improve financial services for regional SMEs and cross-border trade.
- The PBOC says it will continue expanding the network to increase competition and broaden access.
China is accelerating the rollout of its central bank digital currency, with eight more banks joining the country’s digital yuan operating network. The latest expansion brings the number of institutions authorized to operate within the e-CNY system to 30, marking another step toward broader access to the state-backed digital currency.
The move comes as the People’s Bank of China (PBOC) continues building an infrastructure designed to support digital payments across consumer, commercial and government services.
Eight Banks Added to e-CNY Network
The PBOC has 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.
According to a Xinhua report published on the Chinese government’s website, the institutions will connect to the PBOC’s digital yuan system and begin providing related services after completing the required technical and operational preparations.
The latest additions expand the reach of the e-CNY beyond the largest national banking institutions and could strengthen access in regional markets.
Digital Yuan Expansion Targets Businesses and Trade
The latest development follows the addition of 12 city commercial banks in April. Before the 2026 expansion, the digital yuan operator group consisted of just 10 banks, with Industrial Bank becoming the most recent addition in 2022.
Dong Ximiao, chief researcher at Merchants Union Consumer Finance, said the broader operator network could help address service gaps affecting regional small and medium-sized businesses. He also pointed to potential benefits for cross-border trade.
For businesses, a larger network of participating banks could mean more payment options and greater integration of digital yuan services into existing financial infrastructure.
China Continues Long-Term e-CNY Strategy
China’s central bank began researching a digital currency in 2014 before launching its first digital yuan pilots in late 2019. Since then, the e-CNY has expanded into merchant payments, public utilities and government services.
The PBOC has indicated that it plans to continue enlarging the operator network while encouraging competition and improving access.
The addition of eight banks therefore represents more than a simple increase in participants. It reflects China’s broader effort to make the digital yuan a practical part of the country’s financial system, particularly for regional businesses and emerging payment use cases.
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With 30 operating institutions now connected to the e-CNY ecosystem, China is steadily widening the reach of its digital currency infrastructure. The success of the next phase will depend on how effectively banks translate that expanded network into everyday payments, business services and cross-border applications.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
