China’s central bank has expanded the number of financial institutions authorised to operate services for the digital yuan, adding 12 new banks to the programme. The move is intended to broaden access to the central bank digital currency (CBDC), strengthen service inclusiveness, and respond to growing demand for secure and efficient digital payment options. The newly authorised institutions will connect to the national digital yuan system after completing the required technical and operational preparations.
According to an announcement reported by the Chinese government’s official news portal, the People’s Bank of China has authorised additional commercial banks to participate directly in digital yuan operations as part of efforts to support the steady development of the currency and expand market participation.
Additional banks join the digital yuan system
The newly approved operators include China CITIC Bank, China Everbright Bank and Huaxia Bank, among others. These institutions will be integrated into the central bank’s digital yuan infrastructure and will begin offering related services once they complete operational and technical readiness requirements.
The expansion significantly increases the number of institutions directly involved in the digital currency’s ecosystem. By bringing additional banks into the network, the central bank aims to widen access points for individuals and businesses seeking to use the digital yuan.
Broader participation in China’s CBDC development
Prior to the latest expansion, ten institutions were authorised to operate digital yuan services. These included six state-owned commercial banks, two joint-stock commercial banks and two internet banks.
By increasing the number of authorised operators, the People’s Bank of China is seeking to encourage broader participation across the banking sector. The approach is also intended to support experimentation and innovation in digital currency services while ensuring that the system remains secure and efficient for end users.
China has been steadily advancing development and testing of the digital yuan as part of its wider digital payments strategy. Expanding the operator network is expected to improve service coverage and strengthen the operational ecosystem supporting the central bank digital currency.
