China expands digital yuan network with eight new bank operators

Beijing has moved to strengthen its digital currency infrastructure, with the People’s Bank of China (PBOC) announcing on Monday the addition of eight banks to its list of authorised digital yuan operators.

This expansion, designed to promote the steady development of the digital yuan and improve service inclusivity, brings the total count of operating institutions to 30, China Daily reports. The newly included lenders comprise a mix of joint-stock and city commercial banks: Ping An Bank, Hengfeng Bank, China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank.

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These institutions will be integrated into the central bank’s digital yuan system, with services set to launch once the necessary operational and technical preparations are finalised.

Digital yuan: broader expansion

Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited, told China Daily that the move would help “fill service gaps” regarding cross-border trade and the needs of regional small and medium-sized enterprises.

The PBOC has been developing the digital yuan since 2014, with initial pilot programmes starting in 2019. The currency has since been adopted for a variety of uses, ranging from retail transactions and dining to public services and cross-border settlements. This latest step continues a broader expansion strategy initiated by the central bank in October 2025, with a significant update involving 12 banks taking place earlier in April 2026.