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China's e-CNY digital yuan
Public pilots since 2020· Asset or instrument
Fact, law or dataA rule, statute, definition or measured number.
The e-CNY is China's central bank digital currency, issued by the People's Bank of China and spent through phone wallets.
See it on the Money & Finance map →How it works
Public pilots began in 2020. The PBOC issues it and banks distribute it in a 'two-tier' system; wallets are tiered by identity checks, and small anonymous ones are allowed ('managed anonymity'). By November 2025 it had handled about 3.48 billion transactions worth 16.7 trillion yuan (about $2.4 trillion), with some 230 million personal wallets. From January 1, 2026, banks pay interest on verified wallet balances, which now count as deposits. Alipay and WeChat Pay still dominate Chinese payments.
Why it matters
It is the world's largest retail CBDC test, and gives Beijing a payment channel it controls directly, at home and in cross-border pilots.
Facts, rules and data
PBOC statistics and announcements, reported by Reuters, Caixin and Chinese state media; BIS surveys and the Atlantic Council's CBDC tracker.
Debates and risks
Whether ordinary users want it, given tepid use so far, and how much of users' spending the state can see.
Connections (3)
▸China's e-CNY digital yuan is the digital form of China's yuan (renminbi)Fact, law or data
The connection
The e-CNY was launched as the digital equivalent of renminbi banknotes, issued by the People's Bank of China. Banks and payment firms distribute it in a two-tier system. Since January 2026, verified wallet balances count as deposits that earn interest, making it more like digital bank money.
When and why
China, with public pilots from 2020; Shenzhen held the first public lottery handout in October 2020.
How we know
PBOC announcements and official statistics.
Debates and risks
Whether turning it into deposit money changes how much direct control the central bank keeps over it.
▸China's e-CNY digital yuan is the biggest test of Central bank digital currencies (CBDCs)Fact, law or data
The connection
With about 230 million personal wallets and 16.7 trillion yuan of cumulative payments by late 2025, the e-CNY is by far the largest retail CBDC. Its record shows the hard part: even with state backing, people stick with Alipay and WeChat Pay, so China now pays interest to spur use.
When and why
Across China since public pilots began in 2020, with interest added in January 2026.
How we know
PBOC data; former PBOC officials have publicly called its usage modest.
Debates and risks
Whether interest payments can lift usage where private payment apps already work well.
▸China's e-CNY digital yuan carries most of the volume on Project mBridge: shared ledger for central-bank moneyMainstream view
The connection
On mBridge, banks settle cross-border payments in wholesale versions of their central banks' digital money. Most of that money has been digital yuan: an Atlantic Council analysis estimated about 95% of the roughly $55 billion volume by late 2025.
When and why
Reported by Reuters in January 2026; Bank of China has led record transactions on the platform.
How solid is the link?
The 95% figure is an outside estimate, not an official release from the mBridge central banks.
Debates and risks
Whether other members will use their own currencies more, or mBridge becomes mainly a yuan channel.