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China has tripled the number of banks participating in its digital yuan network this year, bringing the total to 30 lenders, up from 10 at the beginning of the year.
The central bank added eight new lenders, including Ping An Bank, Hengfeng Bank, Bank of Shanghai, and Bank of Hangzhou, this week. The banks have connected to the central e-CNY system but will start offering services only after completing operational and technical preparations.
This was the second expansion this year. The People’s Bank of China (PBOC) added 12 institutions in April, increasing the total to 22 before the latest eight additions. The two rounds added 20 operators year to date.
Operators provide the customer-facing layer of China’s two-tier digital yuan system. Authorized banks allow customers to open personal and corporate wallets, exchange digital yuan, and process payments as well as anti-money laundering checks. The central bank manages the token’s core system.
The expansion follows a broader overhaul introduced on Jan. 1. Under the new framework, digital yuan held in commercial bank wallets became deposit liabilities, with banks required to pay interest and balances being covered by deposit insurance.
China processed 3.48 billion digital yuan transactions worth 16.7 trillion yuan (around $2.5 trillion) through November 2025. The PBOC said it would continue adding operators under market-oriented and rule-based principles.
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