The People’s Bank of China (PBOC) has expanded its digital yuan operator network again, approving eight more commercial banks to run e-CNY services and bringing the total number of authorized operators to 30. What changed - The newly approved banks—Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank—have been connected to the central-bank side digital renminbi system, establishing the technical link required to offer e-CNY services. Each bank will begin customer-facing operations after completing remaining business and technical preparations, the PBOC said. - This round raises the operator count from 22 to 30 within the same year, extending participation to national joint-stock lenders as well as city and regional commercial banks. Context and prior expansions - In April the PBOC added 12 institutions—including China CITIC Bank, China Everbright Bank, China Minsheng Bank, Shanghai Pudong Development Bank and others—bringing the operator total to 22 at that time. Those banks likewise had to finish technical and business setup before going live. Why it matters - The PBOC frames the rollout as part of China’s 15th Five-Year Plan (2026–2030) goal to steadily develop the digital renminbi and to improve public access to secure, convenient and efficient payment options. - The two-tier model remains central: the PBOC controls the underlying currency and infrastructure while commercial banks and approved institutions deliver services to users, leveraging existing payment networks and customer relationships. Policy and system changes shaping adoption - A major regulatory shift effective Jan. 1, 2026 allows banks to pay interest on verified digital yuan wallets. Verified e-CNY balances became eligible for interest under the same self-regulatory arrangements that determine rates on conventional deposits and are also covered by China’s deposit insurance framework. - Under the revised framework, commercial banks can treat eligible digital yuan balances within their asset-liability operations. Non-bank payment firms must hold customer reserve funds in digital yuan at a 100% reserve ratio. - The PBOC cited usage growth: by November 2025 the digital yuan had processed some 3.48 billion transactions across pilot programs and services. Cross-border testing and international infrastructure - China is also expanding cross-border tests. In July, ICBC’s Shanghai branch and ICBC Singapore completed a China–Singapore payment using the upgraded Digital Currency Express comprehensive settlement platform (CBETS), settling nearly 10 million yuan in import shipping costs entirely in digital renminbi on the same day. - CBETS—developed by the International Operation Center for the digital renminbi under the PBOC’s Digital Currency Research Institute—combines cross-border payment, blockchain and digital asset systems and supports ISO 20022 messaging standards. - ICBC has set up digital yuan payment links with Singapore and Laos via CBETS, and its Inner Mongolia branch executed a 220 million yuan transfer to Hong Kong through a multilateral CBDC bridge. - By June the upgraded international digital yuan platform had signed direct participant agreements with 26 financial institutions, including ICBC Asia, Bank of China Hong Kong, Standard Chartered China and ICBC branches in Singapore, Thailand, Laos, Macau and Qatar. Regional plans and next steps - Regional authorities are incorporating e-CNY expansion into development plans for 2026–2030. Guangdong released a draft plan in August proposing more cross-border e-CNY trials in the China (Guangdong) Pilot Free Trade Zone, expanded cross-border payment programs, and broader fintech and green finance use cases. Public consultation runs through Sept. 5. - The PBOC said it will continue adding institutions to the e-CNY ecosystem under market-oriented, rule-based principles to maintain an open and competitive environment. Bottom line Adding eight banks to reach 30 operators underscores the PBOC’s push to scale distribution through established financial institutions while testing both domestic and cross-border applications of the digital renminbi. Continued regulatory fine-tuning—like interest eligibility and deposit-insurance coverage—aims to make the e-CNY a more mainstream payment and settlement option. Read more AI-generated news on: undefined/news