The People’s Bank of China (PBOC) has approved eight additional banking institutions as authorized operators of the digital yuan, also known as e-CNY, bringing the total number of bank-class operators to 30. The announcement was made on August 17, 2026, and marks the second major expansion of the network in 2026.
The newly designated institutions include three national joint-stock commercial banks—Ping An Bank, Hengfeng Bank, and China Bohai Bank—along with five city commercial banks: Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank. These lenders have already established technical connections to the central bank’s digital yuan infrastructure. They are expected to begin wallet issuance, payment processing, and other customer-facing services once remaining operational and technical preparations are completed.
The expansion follows an earlier move on April 2, 2026, when the PBOC added 12 banks and increased the operator count from about 10 to 22. That group included CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, Shanghai Pudong Development Bank, Zhejiang Commercial Bank, and five city commercial banks. The central bank has therefore tripled the domestic operator network from 10 to 30 within 2026.
Policy shift from cash-like instrument to interest-bearing deposit money has also shaped the expansion. A PBOC framework effective January 1, 2026 moved the e-CNY beyond a cash-like setup toward digital deposit money. Under the new arrangement, verified wallet balances held with authorized commercial banks can count toward deposit and reserve metrics, and the digital yuan can bear interest. This change has created stronger incentives for banks to integrate e-CNY services with traditional banking products.
The digital yuan operates under a two-tier structure in which the PBOC oversees the core system, standards, and rules, while commercial banks manage daily user interactions, identity verification, anti-money-laundering compliance, transaction monitoring, and digital wallets. Authorities said future additions to the operator roster will proceed in an orderly manner and align with market-oriented and law-based principles. The broader objective is to create an open, competitive, and innovative environment under China’s 15th Five-Year Plan for 2026–2030.
Since pilot programs began in 2019, the digital yuan has expanded across retail, public services, tourism, and education. Regionally focused city commercial banks are expected to improve coverage for small and medium-sized enterprises and support certain cross-border trade activities. On the international side, the e-CNY Centre International and CBETS signed 26 direct participants in mid-2026 to develop transfer and settlement rails for the digital yuan.
