Economy· August 17, 2026 at 03:57 p.m.
China Expands Digital Yuan Network with Eight New Banks
Key takeaways
- China adds eight banks to its digital yuan network
- Digital yuan trial began in October 2020
- Expansion aims to promote digital currencies
China has added eight banks to its digital yuan network, marking the latest expansion of the country's central bank digital currency (CBDC) trial. The move is part of China's efforts to promote the use of digital currencies and reduce reliance on traditional cash. The eight banks joining the network are Agricultural Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Postal Savings Bank of China, Shanghai Pudong Development Bank, China Merchants Bank, and China Everbright Bank.