China expands digital yuan network with 8 new banks to accelerate adoption

On Aug 17, 2026

China has added eight more commercial banks to its central bank-backed digital currency network, the latest move by Beijing to scale up adoption of the digital yuan, or e-CNY, and embed it more deeply into the country’s financial system.

The expansion follows Beijing’s pledge to “steadily develop the digital yuan” in its latest five-year plan, the country’s blueprint document for socio-economic development. It also comes after 12 banks were added to the network in March, bringing the total number of e-CNY operators to 30.

The People’s Bank of China (PBOC) added eight lenders – including Ping An Bank, Bank of Shanghai and Bank of Hangzhou – to the e-CNY network, according to an official announcement on Monday.

The latest expansion also brings more regional lenders into the system, including Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank.

Under the central bank’s supervision, commercial banks are responsible for the day-to-day operation of the e-CNY and compliance requirements including customer identity verification, anti-money-laundering checks and transaction monitoring.

China began piloting the digital yuan in 2019, becoming one of the first major economies to test a central bank digital currency on a large scale. Its use has since expanded from retail payments and salary transfers to government services, corporate settlements and cross-border payments.

However, retail adoption has been relatively slow, as Chinese consumers have become accustomed to using Alipay and WeChat Pay, leaving Beijing with the challenge of encouraging wider use.

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