Exclusive: China Expands Digital Yuan Network With 12 New Banks
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Another 12 commercial banks are expected to connect to the central bank's digital yuan system. Photo: VCG
China is preparing to significantly expand the number of banks authorized to operate its digital yuan, with 12 additional lenders expected to join the program in a move to broaden the currency’s reach, according to people familiar with the matter.
The newcomers will join 10 banks already designated as operating institutions for the e-CNY, China’s central bank digital currency (CBDC). The additions are expected to include seven national joint-stock banks and five regional city commercial banks.
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- China plans to allow 12 more banks to operate the digital yuan, joining the current 10 operators, expanding e-CNY’s coverage to 19 of 21 systemically important banks.
- A new policy effective January 1, 2026, reclassifies e-CNY as on-balance-sheet, interest-bearing deposit money, incentivizing banks to promote digital yuan adoption.
- As of November 2025, e-CNY processed 3.5 billion transactions worth 16.7 trillion yuan ($2.4 trillion), with 230 million personal and 18.8 million corporate wallets.
AI generated, for reference only
Who’s Who
- Shanghai Pudong Development Bank Co. Ltd.
- Shanghai Pudong Development Bank Co. Ltd. (SPD Bank) is among the seven national joint-stock banks expected to join the digital yuan program. This expansion aims to broaden the currency's reach, with SPD Bank already posting job listings for e-CNY development and architecture roles. This move aligns with a policy shift treating e-CNY as interest-bearing deposits to incentivize banks.
- China Guangfa Bank Co. Ltd.
- China Guangfa Bank Co. Ltd. is among the 12 additional lenders expected to join China's digital yuan program. As a national joint-stock bank, it will become an operating institution for the e-CNY, broadening the currency's reach. This expansion aims to boost e-CNY adoption following a policy change making it an interest-bearing deposit.
- Huaxia Bank Co. Ltd.
- Huaxia Bank Co. Ltd. is one of the national joint-stock banks expected to join China's digital yuan program. It will be among the 12 additional lenders expanding the e-CNY's reach. This expansion coincides with a policy shift aiming to boost adoption by reclassifying e-CNY as interest-bearing deposits.
- China Minsheng Banking Corp. Ltd.
- China Minsheng Banking Corp. Ltd. is one of the seven national joint-stock banks expected to join China's digital yuan program. This expansion aims to broaden the currency's reach, with these new additions benefiting from a policy shift that reclassifies e-CNY as interest-bearing deposits, incentivizing banks to attract and utilize these funds.
- China Citic Bank Corp. Ltd.
- China Citic Bank Corp. Ltd. is one of the 12 additional lenders expected to join the digital yuan program. The newcomers will expand the total number of operating institutions for the e-CNY to 22. This expansion aims to broaden the currency’s reach and follows a policy shift designed to boost commercial incentives for banks.
- China Everbright Bank Co. Ltd.
- China Everbright Bank Co. Ltd. (CEB) is a national joint-stock bank set to become one of 12 new authorized operators for China's digital yuan program. This expansion aims to broaden the digital currency's reach, making CEB one of 19 of China's 21 domestically systemically important banks involved in the e-CNY initiative.
- China Zheshang Bank Co. Ltd.
- China Zheshang Bank Co. Ltd. is one of the national joint-stock banks expected to join China's digital yuan program. This expansion intends to broaden the e-CNY's reach by adding 12 new lenders, bringing the total number of operating institutions to 22.
- Bank of Jiangsu Co. Ltd.
- Bank of Jiangsu Co. Ltd. (江苏银行股份有限公司) is one of the five regional city commercial banks slated to join the digital yuan program. This expansion aims to broaden the currency's reach and incentivize banks through a new policy treating e-CNY as interest-bearing deposits, making it more attractive for banks to participate.
- Bank of Beijing Co. Ltd.
- Bank of Beijing Co. Ltd. is one of the five regional city commercial banks expected to join China's digital yuan program. This expansion intends to broaden the e-CNY's reach by adding 12 new lenders, bringing the total to 22 operating institutions.
- Bank of Ningbo Co. Ltd.
- Bank of Ningbo Co. Ltd. is one of the five regional city commercial banks expected to join China's digital yuan program. The bank has already issued a public tender for suppliers for its e-CNY system construction project, indicating its preparation to become an operating institution for the digital currency.
- Bank of Nanjing Co. Ltd.
- Bank of Nanjing Co. Ltd. is one of the five regional city commercial banks expected to join China's digital yuan program. The expansion will increase the number of authorized banks to 22. This move aims to broaden the digital currency's reach, aligning with a new policy that reclassifies e-CNY as interest-bearing deposits to incentivize commercial banks.
- Bank of Suzhou Co. Ltd.
- Bank of Suzhou Co. Ltd. is one of five regional city commercial banks expected to join the digital yuan program. This expansion will bring the total number of approved banks to 22, aiming to broaden the currency's reach.
- China Merchants Bank Co. Ltd.
- China Merchants Bank Co. Ltd. (招商银行股份有限公司) is among the initial 10 banks designated as operating institutions for China's digital yuan (e-CNY). With the upcoming expansion adding 12 more banks, 19 of China's 21 domestically systemically important banks will be part of the e-CNY program, including China Merchants Bank.
- Industrial Bank Co. Ltd.
- Industrial Bank Co. Ltd. (兴业银行股份有限公司) is among the ten banks currently designated as operating institutions for China's digital yuan (e-CNY). It is part of the existing group of operators, which includes six large state-owned commercial banks.
- WeBank Co. Ltd.
- WeBank Co. Ltd. is a privately owned bank in China. It is currently one of the 10 designated operating institutions for the e-CNY, China's central bank digital currency. Along with MYbank Co. Ltd., it represents the privately owned sector among the initial operators of the digital yuan.
- MYbank Co. Ltd.
- MYbank Co. Ltd. is a privately owned bank and is one of the ten existing operating institutions for China's digital yuan (e-CNY). It is among the early group of banks designated to handle the e-CNY, playing a role in its development and implementation.
- Industrial and Commercial Bank of China Ltd.
- Industrial and Commercial Bank of China Ltd. is one of the ten existing e-CNY operators. They have focused on corporate payments and cross-border trade settlement within the digital yuan program. It is one of the six largest state-owned commercial banks.
- China Construction Bank Corp.
- China Construction Bank Corp., or 中国建设银行股份有限公司, is one of the ten banks already designated as operating institutions for the e-CNY. According to the article, it has expanded the usage of e-CNY in smart campuses and tax payments.
- Bank of China
- Bank of China is one of the existing ten banks already designated as operating institutions for China's digital yuan (e-CNY). They have been exploring applications of smart contracts specifically in the area of supply chain finance, indicating their involvement in advancing pilot applications for the digital currency.
- Alipay
- The article states that users have shown limited willingness to switch from dominant mobile payment platforms, including Alipay, to China's digital yuan (e-CNY). This highlights Alipay's significant presence and user base in the Chinese mobile payment market, posing a challenge for the e-CNY's widespread adoption.
- WeChat Pay
- The article mentions WeChat Pay as a dominant mobile payment platform in China, which users have shown limited willingness to switch from in favor of the e-CNY, China's central bank digital currency.
AI generated, for reference only
What Happened When
- October 2025：
- The People's Bank of China signaled the expansion of e-CNY operators when Governor Pan Gongsheng announced support for more commercial banks to become operators.
- End of 2025：
- An action plan was released, laying the groundwork for expanding the list of e-CNY operating banks based on risk management and technical assessments.
- As of the end of November 2025：
- e-CNY had processed 3.5 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets and 18.8 million corporate wallets.
- January 1, 2026：
- A new central bank plan took effect, reclassifying e-CNY as on-balance-sheet, interest-bearing deposits.
AI generated, for reference only
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