The People’s Bank of China (PBOC) has added eight commercial banks to the digital yuan (e-CNY) operational network, bringing the total number of institutions managing the currency to 30 operators. The eight newly approved institutions include Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank.
These eight banks are already directly connected to the central bank’s digital renminbi system. Operational services for customers will begin as soon as each institution completes its technical preparations. This marks the second expansion wave this year. Previously on April 2, 2026, the PBOC integrated 12 institutions at once, raising the number of operators to 22.
This gradual expansion is closely linked to China’s 15th Five-Year Plan for the 2026-2030 period. The government has identified the stable development of the digital renminbi system as a key objective in their macroeconomic governance.
No Longer Just Cash
The expansion of access coincides with a shift in the fundamental nature of the digital yuan. Starting January 1, 2026, verified digital yuan balances are eligible to earn interest. This represents a design shift, considering that e-CNY previously operated purely as digital cash that offered no yield to its holders.
In addition to earning interest, verified digital yuan balances are also covered by China’s national deposit insurance system. These two factors put the e-CNY on par with funds in traditional bank accounts. To run this ecosystem, the PBOC uses a two-tier operational model. The central bank maintains full control over the currency and core infrastructure, while licensed commercial institutions handle services for end-users.
Breaking Into Cross-Border Transactions
Digital yuan adoption is starting to yield results in cross-border value transfers. In July 2026, ICBC Shanghai and ICBC Singapore branches completed the first China-Singapore payment transaction using the CBETS platform. The transfer, worth nearly 10 million yuan, was sent to settle shipping fees for imported goods.
Transaction volume within the network has grown over time. As of November 2025, the digital yuan had processed 3.48 billion transactions since its launch. With the addition of bank operators, the e-CNY infrastructure is increasingly capable of accommodating future fund flows.
Reported by crypto.news.
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