China's central bank has added eight banks, including Ping An Bank and Bank of Shanghai, as digital yuan operators.
The central bank said the move is intended to improve the inclusiveness of digital yuan services and address public demand for secure and efficient digital transactions.
The eight newly authorised institutions are 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 banks will be connected to the PBOC's digital yuan system and will begin offering services once operational and technical preparations have been completed. With this expansion, the total number of institutions authorised to operate digital yuan services has risen to 30.
Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited, noted that the newly added institutions, which comprise joint-stock commercial banks and city commercial banks, are expected to address service gaps for regional small and medium-sized enterprises and for cross-border trade within the existing operator network.
Digital yuan development timeline
The PBOC began researching digital currency in 2014, with pilot programmes launched in late 2019. Since then, the digital yuan has been trialled domestically and across borders in a range of applications, including retail transactions, dining, tourism, education, healthcare, public services, and cross-border settlements, including for foreign visitors.
In October 2025, the PBOC indicated it would support additional commercial banks in becoming authorised digital yuan operators, ending a pause of more than two years since Industrial Bank became the tenth such operator in 2022. Furthermore, in April 2026, the central bank added 12 banks as new operators in a single announcement, marking the first time city commercial banks were included in the network.
Implications for the digital yuan ecosystem
The PBOC said it intends to continue expanding the number of digital yuan operators, with the stated aim of supporting an open and fair competitive environment for the currency's development. The steady increase in authorised institutions, from ten in 2022 to 30 as of August 2026, reflects a broader effort to widen access to digital yuan services across different types of financial institutions and to extend its use in areas such as cross-border trade and regional enterprise services.
