{"id":671257,"date":"2026-03-21T10:23:38","date_gmt":"2026-03-21T10:23:38","guid":{"rendered":"https:\/\/www.europesays.com\/us\/671257\/"},"modified":"2026-03-21T10:23:38","modified_gmt":"2026-03-21T10:23:38","slug":"china-adds-12-banks-to-digital-yuan-system-expanding-e-cnys-economic-presence","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/671257\/","title":{"rendered":"China adds 12 banks to digital yuan system, expanding e-CNY\u2019s economic presence"},"content":{"rendered":"

China is set to include 12 more commercial banks under the umbrella of its central bank-backed digital currency, the latest move by Beijing to scale up adoption of the digital yuan<\/a>, also known as the e-CNY, as it transitions from a cash alternative to an interest-bearing deposit instrument.<\/p>\n

The expansion comes after Beijing pledged to \u201csteadily develop the digital yuan\u201d in its latest five-year plan, the country\u2019s blueprint document for socio-economic development. A draft Finance Law published on Friday recognised the digital currency as fiat currency equivalent to cash, while a new framework supporting the wider campaign took effect in January.<\/p>\n

The additional banks would undertake functions such as opening wallets, currency exchange and payment processing, according to a source familiar with the matter. That followed a procurement statement issued by the Bank of Ningbo on Tuesday, soliciting vendors with e-CNY experience as it builds out its infrastructure for the digital currency<\/a>.<\/p>\n

The new additions include seven national joint-stock commercial banks: China Citic Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, SPD Bank and Zheshang Bank, according to Shanghai Securities News. Five city commercial banks \u2013 including the Bank of Ningbo \u2013 will also be added.<\/p>\n

Only 10 banks \u2013 including China\u2019s six major state-owned banks \u2013 are currently integrated into the digital yuan network.<\/p>\n

Under the central bank\u2019s supervision, the commercial banks would be responsible for the e-CNY\u2019s day-to-day operations as well as compliance checks related to areas such as anti-money laundering and identity verification.<\/p>\n","protected":false},"excerpt":{"rendered":"China is set to include 12 more commercial banks under the umbrella of its central bank-backed digital currency,…\n","protected":false},"author":3,"featured_media":671258,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[283296,283300,9710,64,74,283297,283295,283294,234067,283301,79,283303,22702,283299,67,132,68,283298,283302],"class_list":{"0":"post-671257","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-anti-money-laundering","9":"tag-bank-of-ningbo","10":"tag-beijing","11":"tag-business","12":"tag-china","13":"tag-china-citic-bank","14":"tag-china-everbright-bank","15":"tag-china-minsheng-bank","16":"tag-digital-yuan","17":"tag-e-cny","18":"tag-economy","19":"tag-huaxia-bank","20":"tag-peoples-bank-of-china","21":"tag-shanghai-securities-news","22":"tag-united-states","23":"tag-unitedstates","24":"tag-us","25":"tag-yang-tao","26":"tag-zheshang-bank"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116266677599026029","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/671257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=671257"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/671257\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/671258"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=671257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=671257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=671257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}