China e-CNY (Digital Yuan)
People's Bank of China
Status
Metrics
Architecture
Cross-Border Projects
mBridge
Role: leader
Capabilities
Frequently Asked Questions
Does China have a CBDC?
Yes, China is developing China e-CNY (Digital Yuan), currently in pilot phase.
What is the status of China's CBDC?
China e-CNY (Digital Yuan) is in pilot phase as of 2026-02-17. The pilot program is actively testing with real users.
When did China launch its CBDC pilot?
The pilot launched on 2020-04-20. As of 2025-11-30, it has 230,000,000 wallets.
How many people use China's CBDC?
As of 2025-11-30, China e-CNY (Digital Yuan) has 230,000,000 wallets/users. Annual transaction volume is $2300 billion.
Is China's CBDC retail or wholesale?
China e-CNY (Digital Yuan) is a wholesale CBDC designed for interbank settlements and large-value transactions.
Which central bank manages China e-CNY (Digital Yuan)?
China e-CNY (Digital Yuan) is managed by People's Bank of China.
Recent Developments
According to the People's Bank of China (PBOC), as of end-November 2025, the e-CNY pilot has processed 3.48 billion cumulative transactions with total volume of 16.7 trillion yuan (approximately US$2.3-2.4 trillion). The pilot supports 230 million personal wallets and 18.84 million corporate wallets via the e-CNY App, covering 26 localities across 17 provincial-level regions. On Project mBridge, e-CNY accounts for 95.3% of the platform's $55.49 billion cumulative transaction volume as of November 2025, with 4,047 cross-border transactions. On December 29, 2025, PBOC announced a new framework effective January 1, 2026, transitioning e-CNY from a digital cash model to a digital deposit money model as an account-based payment instrument. Retail cross-border testing includes Hong Kong, Macau, Laos, Thailand, Cambodia, and Singapore for tourism payments.
Updated: 2/17/2026