China’s People’s Bank has added 12 new authorised banks to its digital yuan network, expanding the ecosystem to improve inclusiveness and meet growing public demand for secure and efficient digital currency services.
BEIJING: China’s central bank has expanded its digital yuan ecosystem by adding 12 new authorised banking operators to its network, in a move aimed at promoting the steady development of the digital currency and broadening access for the general public. The People’s Bank of China made the announcement on Thursday, with the news carried by state media outlet Xinhua.
The newly authorised institutions include China CITIC Bank, China Everbright Bank and Huaxia Bank, among others. All 12 banks will be linked to the central bank’s digital yuan system and will begin offering services to customers after completing the necessary operational and technical preparations.
The People’s Bank of China said the expansion is designed to improve the inclusiveness of digital yuan services and meet public demand for secure, convenient and efficient digital currency transactions. The move reflects China’s continued commitment to rolling out one of the world’s most ambitious central bank digital currency programmes at scale.
The central bank also signalled that the expansion of authorised operators will continue, with plans to encourage broader market participation and support innovation within the digital yuan ecosystem. The addition of more banking institutions is expected to deepen penetration of the digital currency across different regions and customer segments.
China has been developing and trialling the digital yuan for several years, positioning it as a modern alternative to cash and a tool for enhancing the efficiency of its domestic financial system. The latest expansion marks a significant step in moving the programme beyond its pilot phases toward mainstream adoption.
