Policy & RegulationAnalysis
China Adds Eight Banks as Digital Yuan Operators, Expanding Total to 30
The People's Bank of China admits eight joint-stock and regional commercial lenders to its direct digital currency infrastructure.
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The Brief
The People's Bank of China has added eight commercial lenders to its direct operating network for the digital yuan, bringing the total number of banking operating institutions to 30, according to People's Daily. The new entrants—including Ping An Bank, Bank of Shanghai, and Guangxi Beibu Gulf Bank—will roll out digital currency services after completing operational and technical preparations. The expansion extends direct central bank connectivity beyond state-owned megabanks to mid-tier and regional lenders, advancing policy goals to normalize digital currency usage across regional business and cross-border trade scenarios.
Why it matters
Expanding digital yuan operators from state-owned giants and top lenders to regional city commercial banks and specialized institutions broadens direct access to central bank infrastructure. This transition diminishes reliance on indirect participation, improves financial inclusion for regional small businesses, and lays the operational groundwork for scaled, routine deployment.
China context
The move aligns with China's national policy agenda, notably the 15th Five-Year Plan's mandate for the steady development of the digital yuan and a specialized infrastructure action plan that took effect on January 1. Integrating regional banks—such as Guangxi Beibu Gulf Bank, known for border trade financing—reflects Beijing's push to embed financial digitalization directly into specialized real-economy supply chains and localized cross-border commerce.
Editor's View
EDITOR'S VIEW — Analysis and inference, not factual reporting.
While earlier phases of the digital yuan rollout relied predominantly on state-owned megabanks to establish baseline infrastructure, the inclusion of regional players signals a transition toward commercialization and competitive service differentiation. Regional and joint-stock banks often possess deeper ties with local small and medium enterprises as well as specialized niche use cases. However, the operational burden now shifts to technical execution: smaller lenders must ensure robust cybersecurity, system resilience, and compliance standards comparable to their larger peers while justifying the capital investment needed to integrate directly with central bank systems.
What to watch
- Specific timelines for the eight newly added banks to complete technical readiness and launch direct digital yuan services.
- Pilot implementations by Guangxi Beibu Gulf Bank in cross-border and border trade settlement scenarios.
- Whether the central bank further widens direct access to rural commercial banks, rural credit cooperatives, or foreign banking institutions.
Key Takeaways
- 1The PBOC approved eight joint-stock and city commercial banks to connect directly to the digital yuan system, bringing the total operator count to 30.
- 2The newly added banks include Ping An Bank, Bank of Shanghai, Bank of Hangzhou, and border-trade-focused Guangxi Beibu Gulf Bank.
- 3Lenders must finish business and technical preparations before formally offering direct digital yuan services to clients.
- 4The expansion aligns with the 15th Five-Year Plan and a January 1 financial infrastructure action plan designed to broaden access for regional enterprises.
The People's Bank of China (PBOC) has designated eight additional commercial banks as operating institutions for the digital yuan, connecting them directly to the central bank's digital currency system, according to a report by People's Daily.
The newly approved institutions comprise Ping An Bank, China Evergrowing Bank (Hengfeng Bank), China Bohai Bank, Bank of Shanghai, Bank of Hangzhou, Huishang Bank, Bank of Changsha, and Guangxi Beibu Gulf Bank. With these additions, the total number of banking-type digital yuan operating institutions has increased to 30. The institutions will begin rolling out digital yuan operations once their internal operational and technical preparations are finalized.
According to the report, the expansion serves two primary policy objectives. First, it implements top-level planning to steadily develop the digital currency, a directive highlighted in the 15th Five-Year Plan outline. It also follows the formal implementation on January 1 of an action plan aimed at strengthening the digital yuan's management and service architecture, operational mechanisms, and supporting financial infrastructure.
Second, the move aims to enhance the reach of inclusive financial services. The eight institutions span national joint-stock commercial lenders and regional city commercial banks, including lenders with specialized operations in border trade. By incorporating these institutions, the central bank aims to cover service gaps in regional micro, small, and medium-sized enterprises and cross-border commercial environments.
Previously, direct redemption and circulation services were limited to a narrower group of financial institutions, requiring most joint-stock and municipal lenders to participate indirectly. Direct connection to the central bank's platform expands the overall supply capacity and allows lenders to leverage local client relationships and offline branch networks. Chinese state media noted that broadening the operator base is intended to foster fair competition among financial institutions and drive the transition of the digital yuan from isolated pilot projects to standardized, large-scale adoption.
Sources
- 数字人民币业务运营机构为何再扩容--经济·科技--人民网 — People's Daily · 8/30/2026