China has tripled the number of banks participating in its digital yuan network this year, with eight more lenders joining the system this week. The latest expansion takes the total number of participating banks to 30, up from just 10 at the beginning of 2026. The move strengthens China’s push to expand the use of its central bank digital currency, known as e-CNY, across the financial system.
The eight new participants include Ping An Bank, Hengfeng Bank, Bank of Shanghai and Bank of Hangzhou. The banks have connected to the central e-CNY system but will begin offering services only after completing the necessary operational and technical preparations.
Source: pbc.gov.in
This is the second major expansion of the network this year. The People’s Bank of China (PBOC) added 12 institutions in April, taking the number of operators to 22. The latest eight additions bring the total number of new operators added in 2026 to 20.
China’s digital yuan operates through a two-tier system. The central bank manages the core infrastructure, while authorised commercial banks provide the customer-facing services.
These banks allow customers to open personal and corporate e-CNY wallets, exchange digital yuan and make payments. They are also responsible for functions such as anti-money-laundering checks.
The latest expansion follows a broader change to the digital yuan system introduced on January 1. Under the new framework, digital yuan held in commercial bank wallets became deposit liabilities. Banks are required to pay interest on those balances, which are also covered by deposit insurance.
The change brings some features of e-CNY holdings closer to traditional bank deposits and could make the digital currency more attractive to users and financial institutions.
China has already processed a large volume of digital yuan transactions. The PBOC said the country recorded 3.48 billion e-CNY transactions worth 16.7 trillion yuan, or around $2.5 trillion, through November 2025.
The central bank has said it will continue adding operators under market-oriented and rule-based principles. That suggests the expansion of the network is likely to continue as more banks complete the technical and operational requirements.
For China, increasing the number of participating banks gives the digital yuan a wider distribution network and allows more customers and businesses to access the central bank digital currency through familiar financial institutions.
The expansion also comes as central banks around the world continue to study or develop digital versions of their currencies. China remains one of the most advanced major economies in putting a CBDC into practical use.
The latest additions therefore represent more than a simple increase in participating banks. They show Beijing continuing to build the financial infrastructure around the e-CNY and gradually move the digital currency deeper into the country’s mainstream banking system.
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