The People’s Bank of China (PBoC) added 8 banks to the list of authorized digital yuan (e-CNY) operators, bringing the total number of financial institutions approved to work with the central bank digital currency (CBDC) to 30.
China’s central bank added 8 new lenders to the digital yuan operator network. Once they complete the required technical and operational preparations, the banks will be connected to the CBDC system and will be able to provide related services to customers.
The new e-CNY operators are:
- Ping An Bank;
- Hengfeng Bank;
- China Bohai Bank;
- Bank of Shanghai;
- Bank of Hangzhou;
- Huishang Bank;
- Bank of Changsha;
- Guangxi Beibu Gulf Bank.
The regulator said the expansion of the operator network was aimed at improving access to the digital yuan and meeting demand for secure, convenient, and efficient CBDC services. Once the 8 new participants are connected, the number of authorized operators will reach 30.
The new group includes both joint-stock commercial banks and city commercial banks. According to Dong Ximiao, chief researcher at Merchants Union Consumer Finance, their addition will help address existing service gaps for regional small and medium-sized businesses, as well as in transactions related to cross-border trade.
The PBoC began researching digital currencies in 2014. The first e-CNY pilot projects launched in late 2019, and the asset was officially introduced as a means of payment in 2022. In the years that followed, the CBDC was tested in retail payments, public transportation, tourism, education, healthcare, and government services, as well as in cross-border settlements, investing, precious metals purchases, and other payment scenarios. In 2025, the PBoC approved a plan to transition the digital yuan to a new development model that calls for updates to the asset’s infrastructure, governance, and circulation framework.
