21th August 2026
By Anjali Kochhar
China is expanding the reach of its central bank digital currency, with eight additional commercial banks approved to operate digital yuan services. The latest move brings the total number of authorized digital yuan, or e-CNY, operating institutions to 30, marking another significant step in the country’s push to integrate its state-backed digital currency into the broader financial system.
The People’s Bank of China (PBOC) announced the expansion on Aug. 17. The newly approved banks include Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank. All eight institutions have been connected to the central bank’s digital yuan system, providing the technical infrastructure required to offer e-CNY services.
However, customers will not necessarily gain access immediately. The banks must first complete their remaining business and technical preparations before launching customer-facing digital yuan services.
China’s e-CNY Operator Network Grows From 10 to 30 in 2026
The expansion follows another major addition in April, when the PBOC approved 12 banks, taking the number of digital yuan operators from 10 to 22. With eight more institutions now joining, China has expanded the operator network to 30 within the same year.The move is part of China’s broader strategy for developing the digital renminbi under its 15th Five-Year Plan covering 2026–2030. The PBOC said expanding the operator network is intended to improve access to digital yuan services while supporting payment options that are secure, convenient and efficient.
How China’s Two-Tier Digital Yuan System Works
China’s digital yuan operates through a two-tier system. The central bank oversees the currency and core infrastructure, while approved commercial banks provide services to consumers and businesses. This approach allows China to use its existing banking network to expand digital yuan adoption rather than relying solely on a central-bank-operated retail platform.
Another important development came at the beginning of 2026, when verified digital yuan wallets became eligible to earn interest under the updated framework. This change makes e-CNY balances function more similarly to traditional bank deposits and could make the digital currency more attractive for everyday financial use.
China Expands Digital Yuan Use in Cross-Border Payments
Beyond domestic payments, China is also testing the digital yuan for cross-border transactions. Recent initiatives have included cross-border payment trials, including a transaction between China and Singapore in July.
With the number of authorized operators now reaching 30, China appears to be moving the digital yuan beyond limited pilot programs toward a broader financial ecosystem. The expansion could strengthen the currency’s role in domestic payments while giving Beijing a larger infrastructure base for future cross-border digital currency initiatives.
