About
e-CNY, the digital yuan, is China's central bank digital currency, issued by the People's Bank of China. It uses a two-tier model: the PBOC issues e-CNY to authorised operators, selected commercial banks, which open wallets for the public that are tiered by identity checks and only loosely linked to bank accounts. Payments between wallets are settled upon payment, and the PBOC has studied 'dual offline' payments between devices with phone makers. Pilots began in late 2019, and from January 2026 bank-held e-CNY balances earn interest and carry deposit insurance. By the end of November 2025, it had recorded 3.48 billion cumulative transactions worth ¥16.7 trillion.
Still an advanced PILOT across 26 cities as of 2026; the PBOC has announced no date for a nationwide full launch, despite 1.8 billion wallets opened and CNY 7 trillion cumulative volume since 2020 (~CNY 200bn/month recently).
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