e-CNY (Digital Yuan) by People's Bank of China: status and timeline

e-CNY (Digital Yuan)

Improve payment efficiency and financial inclusion while strengthening the yuan in international trade and cross-border settlement.

ScalingStage 5 of 5

3.48B transactions; 230M personal wallets; interest-bearing since Jan 2026; world's largest CBDC.

Updated 1 Jan 2026Checked 11 Oct0 updates this week

Milestones

Next · 3.48 billion cumulative transactions achieved

Pilot launch in select cities2020Complete.
Expansion to 23 pilot cities2023Complete.
Interest-bearing deposits launched1 Jan 2026Complete.
3.48 billion cumulative transactions achievedTarget Nov 2025Current milestone.

Most important updates

Upcoming

Nov 20253.48 billion cumulative transactions achieved (next)
2027Additional central banks join mBridge

Current obstacles

Competing payment platformsAlipay and WeChat Pay dominate retail payments. Merchants must accept e-CNY alongside these platforms.
Privacy concernsPBOC visibility into all transactions raises surveillance concerns, despite privacy-preserving design features.

Physics limits

Monetary transmission complexityCentral control complicates the traditional path from policy rates to bank lending.
Interest rates are policy-constrainedThe Jan 2026 interest feature must not crowd out bank deposits. Rates set by PBOC, not market forces.

How it works

3 parts

Issuance

PBOC issues to commercial banks

PBOC issues to commercial banks and payment providers, maintaining monetary control at the central bank level.

Distribution

Banks and apps distribute to users

Banks and payment platforms create wallets accessible via apps, SMS, and online banking. Users receive e-CNY tokens backed by PBOC.

Transactions

Peer-to-peer and merchant payments

Users can transfer e-CNY to each other and pay merchants using wallet apps, QR codes, or NFC, with transactions settled instantly on the central bank's ledger.

Spec sheet

Spec	e-CNY (Digital Yuan)
Cumulative transactions	3.48 billion^R (reported)
Total transaction value	16.7 trillion yuan (~$2.3 trillion USD)^R (reported)
Personal wallets opened	230 million^R (reported)
Institutional wallets opened	18.84 million^R (reported)

^R reported by the company

Update log

2 updates

Thu 1 Jan

Major: E-CNY gains interest-bearing deposit status, reclassified as commercial bank liabilityOtherRegulatory

Nov 2025

Major: E-CNY reaches 3.48 billion transactions and 16.7 trillion yuan in cumulative volume; world's largest live CBDCOtherCommercial

About People's Bank of China

The team behind e-CNY (Digital Yuan)

People's Bank of China

Digital yuan, CBDC, cross-border payments

The People's Bank of China (PBOC), China's central bank established 1948, issues the renminbi and sets monetary policy. In 2026, e-CNY reached 3.48B transactions (16.7T yuan), the world's largest live CBDC. E-CNY gained interest-bearing status January 2026; mBridge processed $55.5B.

E-CNY: 3.48B transactions, 16.7T yuan ($2.3T), 230M personal wallets, 18.84M institutional wallets.
From Jan 1 2026: e-CNY earns interest; reclassified from cash to bank liability to incentivize adoption.
mBridge: 4000+ transactions, $55.5B volume; digital yuan is ~95% of volume; Macau joined June 2026.

pbc.gov.cn (opens pbc.gov.cn)Company profile →

Founded: 194878 yrs
Headquarters: China
Status: Government
Valuation: government
Works in: CryptoStablecoins & tokenization
Coverage: 2 programs · 3 updateslatest 1 Jun 2026checked 11 Oct
Partners: Hong Kong Monetary Authority (opens hkma.gov.hk)Bank of Thailand (opens bot.or.th)Central Bank of the United Arab Emirates (opens cbuae.ae)

Spec

e-CNY (Digital Yuan)

Cumulative transactions

3.48 billion^R (reported)

Total transaction value

16.7 trillion yuan (~$2.3 trillion USD)^R (reported)

Personal wallets opened

230 million^R (reported)

Institutional wallets opened

18.84 million^R (reported)