China Adds 8 Banks to Digital Yuan Network

China’s central bank has added 8 banks to its digital yuan network, raising the number of authorized operating institutions to a total of 30 banks.

The People’s Bank of China (PBOC) added Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha and Guangxi Beibu Gulf Bank to the network. The banks have been connected to the central bank’s digital yuan system and will begin providing services after completing the required operational and technical preparations.

The last addition of this kind was in April, when 12 banks were added, increasing the number of digital yuan operators from 10 to 22. The PBOC stated it will continue expanding the operator network under market-oriented and rule-based principles.

The new operators include national joint-stock banks and regional and city commercial banks. Their participation will expand access to digital yuan services, particularly for customers and businesses served by regional lenders.

The PBOC said the expansion aims to improve access to digital yuan services and meet demand for secure, convenient digital payments.