Deployments · platform by People's Bank of China

People's Bank of China digital renminbi (e-CNY)New

China's retail CBDC, issued by the People's Bank of China and distributed through banks and other operating institutions to individuals and businesses, still described by the PBOC as being in trial and promotion across pilot regions. By the end of November 2025 it had processed about 3.48 billion transactions worth 16.7 trillion yuan, with 230 million personal wallets opened through the e-CNY app. From 1 January 2026 a new framework turned balances in banks' e-CNY wallets into interest-bearing commercial bank liabilities ("e-CNY 2.0"). e-CNY also accounts for about 95% of value settled on mBridge.

Live (limited)^[1]i — Real-value use by the public at very large scale, but the PBOC still frames it as trials and promotion in pilot areas, so recorded as live-limited rather than live-scaled. Start date of public use not taken from an opened source. · Reviewed 13d ago i

Assets

Retail central-bank money^[1]

Retail digital renminbi

^[1]

e-CNY held in commercial banks' wallets, from 1 January 2026 an interest-bearing liability of the bank that counts towards its required reserves (e-CNY 2.0)

Networks

Unknown ledger Not disclosed^[1]

Use cases i

Domestic payments^[1]Merchant payments^[1]Cross-border payments^[1]

Jurisdictions

China

Participants

• People's Bank of ChinaPlatform provider, Issuer, Operator^[1]China
• Industrial and Commercial Bank of ChinaDistributor^[3]China
• Agricultural Bank of ChinaDistributor^[3]China
• Bank of ChinaDistributor^[3]China
• China Construction BankDistributor^[3]China
• Bank of CommunicationsDistributor^[3]China
• Postal Savings Bank of ChinaDistributor^[3]China
• China Merchants BankDistributor^[3]China
• Industrial BankDistributor^[3]China
• MYbankDistributor^[3]China
• WeBankDistributor^[3]China
• China CITIC BankDistributor^[3]China
• China Everbright BankDistributor^[3]China
• Hua Xia BankDistributor^[3]China
• China Minsheng BankDistributor^[3]China
• China Guangfa BankDistributor^[3]China
• Shanghai Pudong Development BankDistributor^[3]China
• China Zheshang BankDistributor^[3]China
• Bank of NingboDistributor^[3]China
• Bank of JiangsuDistributor^[3]China
• Bank of BeijingDistributor^[3]China
• Bank of NanjingDistributor^[3]China
• Bank of SuzhouDistributor^[3]China
• Ping An BankDistributor^[3]China
• Hengfeng BankDistributor^[3]China
• China Bohai BankDistributor^[3]China
• Bank of ShanghaiDistributor^[3]China
• Bank of HangzhouDistributor^[3]China
• Huishang BankDistributor^[3]China
• Bank of ChangshaDistributor^[3]China
• Guangxi Beibu Gulf BankDistributor^[3]China
• Non-bank payment institutions that connect to e-CNY (which from 2026 hold a full e-CNY margin) are not named in the opened sources.^[1]

Assets

• IssuesDigital renminbi (e-CNY) (e-CNY)^[1]

Metrics i

• ~3,480,000,000 transactionsCumulative e-CNY transactions · as of Nov 2025^[1]
• ~CN¥16.7tnCumulative e-CNY transaction value · as of Nov 2025^[1]
  All e-CNY transactions; not split by use.
• ~230,000,000 walletsPersonal wallets opened via the e-CNY app · as of Nov 2025^[1]
• 18,840,000 walletsCorporate (unit) wallets opened · as of Nov 2025^[1]
• CN¥13.61bne-CNY in circulation · as of 31 Dec 2022context^[2]
  Shown as context, not counted: nearly four years old and the only balance the PBoC has published, so it cannot stand for a current one (editor decision 2026-10-25-value-gaps-2-4). PBoC money-supply table note: e-CNY has been counted in M0 since December 2022, when the balance in circulation was RMB 13.61bn. The Bank has published no later e-CNY balance; from 1 January 2026 real-name wallet balances are interest-bearing deposit liabilities of the operating banks, so later balances may be reported differently.

Timeline

1. Happened 1 Jan 2026 · Scope expansion · recorded 15 Oct 2026
   New e-CNY measurement, management and operating framework takes effect; bank wallet balances count towards required reserves and non-bank operators hold a full e-CNY margin.^[1]
2. Happened 29 Dec 2025 · Announcement · recorded 15 Oct 2026
   PBOC announces a new e-CNY framework from 1 January 2026, moving it from digital cash to deposit-type money with interest paid on real-name bank wallet balances.^[1]

Sources i