Digital Renminbi business operation institutions, 12 new ones added

According to news 2 from the website of the People’s Bank of China, to implement the decisions and deployments in the “14th Five-Year Plan” outline regarding “steady development of the digital yuan,” and further enhance the inclusiveness of digital yuan services, the People’s Bank of China has added CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Guangfa Bank, Shanghai Pudong Development Bank, Zhejiang Sub-Commercial Bank, Bank of Ningbo, Jiangsu Bank, Beijing Bank, Nanjing Bank, and Suzhou Bank as operational institutions for digital yuan business, and connected them to the central bank-side digital yuan system. After the newly added institutions complete their business and technical preparations, they will carry out digital yuan business.

Next, the People’s Bank of China will, in accordance with market-oriented and rule-of-law principles, orderly expand the size of operational institutions, further stimulate the initiative and creativity of market entities, and build an open and inclusive, fair competitive environment for the development of the digital yuan.

Before this, there were 10 banks operating digital yuan business, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank, China Merchants Bank, Industrial Bank, WeBank, and MYbank.

After this expansion, the number of digital yuan operational institutions will increase to 22, including the six major state-owned banks, 9 national joint-stock banks, 5 city commercial banks, and 2 internet banks.

In November last year, Pan Gongsheng, Governor of the People’s Bank of China, said in a keynote speech at the 2025 Financial Street Forum that he supports more commercial banks becoming operational institutions for digital yuan business.

Digital yuan is the digital form of legal tender currency issued by the People’s Bank of China. It is operated with the participation of designated operating institutions, is equivalent to physical yuan, and has value characteristics and legal tender status.

This article is an exclusive report by Observer Network; without authorization, it may not be reproduced.

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