The digital renminbi operating institutions are expected to expand to 22, with 12 joint-stock banks and city commercial banks potentially included.

Gate News Report, March 20 — According to the Shanghai Securities News, the digital renminbi operating institutions are expected to expand, with 12 commercial banks potentially qualifying and connecting to the central bank’s digital renminbi system. Currently, there are 10 banks operating the digital renminbi system, 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. The proposed expansion list includes seven national joint-stock banks: CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, Shanghai Pudong Development Bank, and Zhejiang Commercial Bank, as well as five regional city commercial banks: Bank of Ningbo, Jiangsu Bank, Bank of Beijing, Bank of Nanjing, and Bank of Suzhou. If this expansion is implemented, the total number of operating institutions will increase to 22. The relevant banks have already received notifications and have begun system development, integration testing, and preparation for launch.