The People’s Bank of China adds eight lenders to its e-CNY system, doubling operator count this year to boost competition and access.
China’s central bank has added eight banks to its digital yuan network, raising the total number of e-CNY operating institutions to 30. The newly authorized lenders include Ping An Bank, Hengfeng Bank, and six regional banks, which will integrate with the PBOC’s system after technical preparations.
The expansion follows the addition of 12 institutions in April, marking a rapid increase from just 10 operators before 2024. The PBOC began digital currency research in 2014 and launched pilots in 2019, later extending e-CNY use to merchant payments and government services.
Analysts said the move could improve services for regional SMEs and cross-border trade. The PBOC stated it will continue expanding the network to enhance competition and accessibility.