China adds eight banks to digital yuan network

• China added eight banks to its digital yuan network, taking the operator count to 30.
• The new banks will offer e-CNY services after completing operational and technical preparations.
• The expansion aims to broaden access and support more competition across the digital yuan network.

China’s central bank added eight banks to its digital yuan network, taking the number of operators to 30.

The new operators include Ping An Bank, Bank of Shanghai, Bank of Hangzhou and five other lenders.

The banks will join the People’s Bank of China (PBOC) system after completing operational and technical preparations.

The expansion follows the addition of 12 institutions in April, when city commercial banks joined the operator network.

Before this year’s additions, only 10 banks had approval to operate within the digital yuan network, with Industrial Bank joining in 2022.

Dong Ximiao, chief researcher at Merchants Union Consumer Finance, said new operators could improve services for regional businesses and cross-border trade.

The PBOC began researching a digital currency in 2014 and launched digital yuan pilots in late 2019.