China's Digital Yuan Push Adds Eight Banks, Tripling Operators to 30

China adds eight banks to the digital yuan network

The People's Bank of China (PBOC) added eight banks to its digital yuan network on 17 August 2026, the central bank announced. The move lifted the number of authorised e-CNY operating institutions to 30. The PBOC said the expansion aims to improve the inclusiveness of digital yuan services. It also wants to meet public demand for secure, convenient and efficient digital payments. The e-CNY is a digital form of China's cash, issued directly by the central bank. The additions mark the second enlargement of the operator pool this year. The PBOC framed the step as part of the steady, long-term development of the e-CNY.

The operator count tripled within a single year

The latest batch follows a rapid year of growth. Before 2026, the network had 10 authorised operators, most of them large state-owned commercial banks. Industrial Bank was the last to join in 2022. No new operators joined for more than three years after that point. An April 2026 expansion then added 12 banks, including China CITIC Bank, China Everbright Bank and Huaxia Bank. The August additions brought the total to 30. In two rounds this year, the PBOC has added 20 operators, tripling the count from its pre-2026 level.

Joint-stock and city commercial banks join the system

The newest approvals cover three national joint-stock lenders: Ping An Bank, Hengfeng Bank and China Bohai Bank. Five city commercial banks also joined the network. They are Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank. The group mixes national lenders with regional banks that focus on lending within specific provinces and cities. The mix widens the network beyond the original large state lenders.

Customer services begin after technical preparations

The eight banks have connected to the central-bank-side digital renminbi system. Customer-facing services are set to begin once each bank completes its remaining business and technical preparations. The e-CNY already supports merchant payments, public utility bills and government services across pilot regions. Users will reach the currency through each bank's app and existing accounts. The central bank issues the currency, while the operating banks distribute it to the public. This two-tier structure keeps the PBOC at the centre of the system. Wider operator coverage is intended to bring the currency to more everyday users.

The central bank targets small firms and trade

Analysts cited by state media said the new operators could fill service gaps for regional small and medium-sized enterprises (SMEs) and cross-border trade. According to the South China Morning Post, the PBOC linked the expansion to China's 15th Five-Year Plan for 2026–2030, which calls for the steady development of the digital renminbi. The PBOC began researching a central bank digital currency in 2014 and launched public pilots in late 2019. China maintains tight limits on private cryptocurrency trading, positioning the e-CNY as its official digital money. Wider access for smaller firms could help the currency reach businesses outside major cities.

State currency grows as stablecoins expand worldwide

The e-CNY is a state-issued central bank digital currency (CBDC), separate from privately issued stablecoins. For scale, USDC, a leading dollar-pegged stablecoin, traded at about $1.00 with a market value near $71.77 billion (CoinPaprika, 18 August 2026). China's expansion advances a government-run alternative to such private tokens as digital payments grow worldwide. Private stablecoins now handle a large share of on-chain payment flows, while China advances its own state-backed money.

Primary source: Source ↗