Overview
- A PBOC Action Plan shifts the e‑CNY from a cash-like pilot to account‑based deposits treated as commercial bank liabilities under central bank oversight.
- Digital yuan balances will be included in banks’ reserve measurements, and non‑bank payment firms must maintain a 100% margin for e‑CNY holdings.
- New governance includes a Digital RMB Management Committee and dual operations centers, with an international hub in Shanghai to support cross‑border use.
- The architecture will integrate bank accounts, token strings, and smart contracts to enable programmable payments and upgraded wallet digital accounts.
- By November 2025, the e‑CNY recorded about 3.48 billion transactions totaling roughly 16.7 trillion yuan, yet usage trails WeChat Pay and Alipay.