Overview
- A PBOC Action Plan effective Jan. 1 authorizes interest payments on verified e‑CNY wallets, shifting the digital yuan from cash-like tokens to deposit money.
- Banks must include wallet balances in reserve calculations and may manage them within asset‑liability operations, while non‑bank payment firms face a 100% reserve requirement.
- Digital yuan balances will be covered by China’s deposit insurance, aligning protections with traditional deposits.
- Authorities are setting up an international e‑CNY operations centre in Shanghai and preparing expanded cross‑border pilots with partners including Singapore, Thailand, Hong Kong, the UAE and Saudi Arabia.
- Official data through November 2025 show 3.48 billion e‑CNY transactions totaling 16.7 trillion yuan, with the revamp aimed at wider adoption against entrenched rivals such as WeChat Pay and Alipay.