š² The digital yuan will be available in 8 more banks in China
This year, the Peopleās Bank of China has tripled the number of banks participating in digital yuan (e-CNY) operations, bringing their total from ten at the start of the year to 30.
This week, eight new banks were added, including Ping An Bank, Hengfeng Bank, Bank of Shanghai, and Bank of Hangzhou. They have connected to the e-CNY system and will begin providing services after the completion of preparatory work.
Updating the list of operators is already the second time in 2026. 12 institutions were added in April. Chinaās central bank said it will continue adding operators to its system.
This expansion is part of a major reform that took effect on January 1. Under the new rules, digital yuan stored in commercial banksā wallets became deposit liabilities; banks are required to pay interest on them, and the remaining balances are covered by the deposit insurance system.
This year, the Peopleās Bank of China has tripled the number of banks participating in digital yuan (e-CNY) operations, bringing their total from ten at the start of the year to 30.
This week, eight new banks were added, including Ping An Bank, Hengfeng Bank, Bank of Shanghai, and Bank of Hangzhou. They have connected to the e-CNY system and will begin providing services after the completion of preparatory work.
Updating the list of operators is already the second time in 2026. 12 institutions were added in April. Chinaās central bank said it will continue adding operators to its system.
This expansion is part of a major reform that took effect on January 1. Under the new rules, digital yuan stored in commercial banksā wallets became deposit liabilities; banks are required to pay interest on them, and the remaining balances are covered by the deposit insurance system.