China Adds Eight Banks to e-CNY Network, Lifting Operator Count to 30
China’s digital yuan, or e-CNY, is a central bank digital currency issued by the People’s Bank of China and distributed through authorized operating institutions. Expanding the roster of participating banks is important because it broadens wallet and payment access beyond the largest lenders, while strengthening coverage for regional businesses, retail transactions and trade-related settlement. The initiative also forms part of Beijing’s wider effort to modernize domestic payments and develop cross-border digital payment links.
The People’s Bank of China said this week in 2026 that eight additional lenders, including Ping An Bank and Bank of Shanghai, would join the e-CNY network, raising the number of authorized operators to 30. The newly approved banks will begin offering services after completing technical integration and operational preparations. Their addition is expected to extend e-CNY services to more regional small and medium-sized enterprises and reinforce the digital-payment infrastructure supporting cross-border trade.
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The history behind this eventChina Expands Digital Yuan Pilot to 12 More Banks
The digital yuan, or e-CNY, is a central bank digital currency issued by the People’s Bank of China and positioned as a digital form of cash. Research began in 2014, followed by pilot programs in 2019. By July 2024, cumulative transactions in pilot regions had reached 7.3 trillion yuan. Its domestic adoption and cross-border use also have implications for the internationalization of the yuan and competition with the dollar-dominated payments system.
On April 2, 2026, the People’s Bank of China announced the addition of 12 authorized digital-yuan operators. They include seven nationwide joint-stock commercial banks, such as China CITIC Bank, China Everbright Bank and Shanghai Pudong Development Bank, as well as five city commercial banks, including Bank of Beijing, Bank of Jiangsu and Bank of Ningbo. The additions increase the number of authorized banks from 10 to 22 and further expand access to wallet, conversion and payment services.
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