China triples digital yuan bank roster as eight more banks join network

China’s central bank just added eight more commercial banks to the digital yuan’s authorized operator list, pushing the total from 22 to 30. The People’s Bank of China (PBOC) approved the expansion on August 17, 2026. Among the newly authorized institutions are Ping An Bank, Hengfeng Bank, and China Bohai Bank, along with five other commercial lenders. None of them are expected to flip the switch on customer-facing services immediately. They’ll need to finalize business and technical preparations first. A year of quiet escalation The August addition follows an even larger batch from earlier this year. In April 2026, the PBOC brought on 12 new banks in a single wave, pushing the roster up to 22. With another eight now onboarded, the total sits at 30. On January 1, 2026, the PBOC reclassified verified e-CNY wallet balances as interest-bearing deposits. Digital yuan holders now earn interest at demand-deposit rates, which transforms the e-CNY from a cash equivalent into a deposit-like instrument. By late November 2025, cumulative e-CNY transaction volumes had reached 3.48 billion transactions worth 16.7 trillion yuan, roughly $2.3 trillion at recent exchange rates. Why smaller banks m...