China has added eight commercial banks to its digital yuan network as Beijing accelerates efforts to expand adoption of the central bank-backed currency and deepen its integration into the financial system.
The People’s Bank of China added lenders including Ping An Bank, Bank of Shanghai and Bank of Hangzhou, alongside regional institutions such as Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank. The move brings the number of commercial banks operating the digital yuan to 30.
The latest expansion follows the addition of 12 banks in March, highlighting the central bank’s push to broaden access to the e-CNY across China’s banking system.
Commercial banks operating the digital yuan are responsible for its day-to-day administration under the supervision of the People’s Bank of China. Their responsibilities include verifying customers’ identities, conducting anti-money-laundering checks and monitoring transactions.
China launched the digital yuan in 2019 and has since expanded its use beyond basic retail payments. The currency is now being used for salary payments, government services, corporate settlements and some cross-border transactions.
However, widespread consumer adoption has remained a challenge. Chinese consumers already rely heavily on established digital payment platforms such as Alipay and WeChat Pay, making it difficult for the government-backed currency to displace existing payment habits.
Beijing has nevertheless continued to strengthen the digital yuan’s infrastructure. Earlier this year, the People’s Bank of China upgraded the e-CNY from a cash-equivalent instrument to digital deposit money, allowing it to generate interest in a move designed to make the currency more attractive to users and financial institutions.
The central bank has also been working to expand the digital yuan’s international use. In June, 26 domestic and overseas financial institutions joined China’s cross-border digital yuan payment platform, creating additional infrastructure for international e-CNY transactions.
The expansion comes as China seeks to strengthen the yuan’s role in global payments and reduce reliance on traditional dollar-based financial infrastructure. Cross-border use of the digital currency could eventually make international transactions faster while giving Chinese companies additional settlement options.
For commercial banks, greater participation in the digital yuan network could also create opportunities to develop new payment and financial services around the currency.
The latest additions demonstrate that Beijing remains committed to expanding the e-CNY despite its relatively slow retail adoption. By bringing more banks into the network, the central bank is seeking to make the digital currency more accessible domestically while building the infrastructure needed for broader international use.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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