Caixin: Digital Yuan Operating Institutions Expand, 12 Commercial Banks May Join

Odaily Planet Daily reports that after 10 banks, including the six major state-owned banks, 12 commercial banks may connect to the central bank’s digital RMB system. It is understood that seven nationwide joint-stock banks—Shanghai Pudong Development Bank, China Guangfa Bank, Huaxia Bank, China Minsheng Bank, China CITIC Bank, China Everbright Bank, and Zhejiang Commercial Bank—as well as five regional city commercial banks—Jiangsu Bank, Bank of Beijing, Bank of Ningbo, Bank of Nanjing, and Bank of Suzhou—are expected to join. As of now, the digital RMB operating institutions include 10 banks: 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. (Caixin)