Gate News reports that on March 20, 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 local city commercial banks—Jiangsu Bank, Bank of Beijing, Bank of Ningbo, Bank of Nanjing, and Bank of Suzhou—are expected to join. Currently, there are 10 banks operating the digital RMB system, including 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. If this expansion is implemented, the number of digital RMB operating institutions will increase to 22.
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