- Cumulative value: e‑CNY (digital RMB) payments reached ¥14.2 trillion (≈$2T) by Sept. 30, 2025, according to the People’s Bank of China (PBOC). Xinhua News
- Usage and reach: 3.32 billion transactions have been processed; 225 million personal wallets are open on the official e‑CNY app. Pilots now cover 26 localities in 17 provincial‑level regions with “replicable” models in retail and public services. Xinhua News
- Architecture: The PBOC unveiled a “dual‑center” setup—an International Operations Center in Shanghai (launched Sept. 2025) and an Operations & Management Center in Beijing (announced Oct. 27, 2025). Xinhua News
- Momentum: PBOC data indicate volumes nearly doubled from mid‑2024 to Sept. 2025 (¥7.3T → ¥14.2T). Ledger Insights
- Cross‑border angle: Hong Kong has enabled retail use of e‑CNY, and the mBridge project linking multiple CBDCs has reached an MVP stage, with HKMA saying cross‑border settlement now happens “in seconds.” Reuters
- Policy stance: PBOC Governor Pan Gongsheng says the e‑CNY ecosystem has “preliminarily come into shape” and the bank will optimize governance and license more banks as operators. Bank for International Settlements
The story
China’s central bank says the digital RMB has moved beyond experimentation into an initial ecosystem, clocking ¥14.2 trillion in cumulative transactions by the end of September 2025. The pilot now spans 26 localities across 17 provincial‑level regions, with retail and public‑service use cases positioned as templates for wider rollout. By the same date, 3.32 billion transactions had been processed and 225 million personal wallets opened on the e‑CNY app. Xinhua News
In late October, the PBOC disclosed a structural pivot: a dual‑center framework with an International Operations Center in Shanghai and an Operations & Management Center in Beijing to steward cross‑border pilots and core systems, respectively. The arrangement was highlighted during Financial Street Forum 2025 and echoed in subsequent state briefings. Xinhua News
What the numbers imply. Simple ratios help frame adoption: the PBOC totals translate to roughly ¥4,300 per transaction on average and about 15 transactions per personal wallet (cumulative) since launch—figures consistent with pilots that mix public‑service disbursements, daily spending, and enterprise usage. Notably, industry tallies suggest the value of e‑CNY payments nearly doubled in ~14 months (from ¥7.3T in July 2024 to ¥14.2T by September 2025), underscoring accelerating institutional and municipal use. Ledger Insights
How China is wiring the ecosystem
- Replicable application models. Authorities say pilots have matured into scalable templates for retail purchases and public services (think transit, fees, or subsidies) that can be rolled out to new cities with less friction. Xinhua News
- Governance upgrades. In a speech posted by the BIS, Governor Pan said the “e‑CNY ecosystem has preliminarily come into shape,” adding that the PBOC will refine the management system, clarify e‑CNY’s place within money aggregates, and authorize more commercial banks to operate e‑CNY services. Bank for International Settlements
- Dual‑center operations. The Shanghai center focuses on cross‑border cooperation and usage; Beijing handles build‑operate‑maintain for the core platform—placing the CBDC inside China’s broader financial‑modernization agenda. Xinhua News
Cross‑border: Hong Kong and mBridge
Beyond the mainland pilots, Hong Kong has enabled e‑CNY retail payments for residents and visitors, lowering frictions for travel and shopping across the boundary. Separately, the mBridge multi‑CBDC platform—co‑developed by the BIS Innovation Hub and monetary authorities from the Chinese mainland, Hong Kong, Thailand, and the UAE—reached MVP status in 2024. HKMA chief Eddie Yue wrote that mBridge has cut cross‑border settlement times from days to seconds, a milestone for corporate payments that dovetails with the PBOC’s new international operations hub in Shanghai. Reuters
What experts say
- Central bank view: Pan Gongsheng emphasized e‑CNY’s role within China’s macro‑prudential and payments framework, reiterating a cautious stance on private stablecoins while signaling continued build‑out of e‑CNY operators and governance. Bank for International Settlements
- International finance bodies: The IMF cautions that retail CBDCs offer limited advantages if used solely as payout rails (e.g., for benefits) without broader ecosystem features—useful context for China’s emphasis on programmability and system integration. IMF
- Academic research: A 2025 study finds China’s staggered e‑CNY pilots improved urban financial inclusion, largely via merchant‑coverage and transaction‑scale effects—evidence that design and distribution matter as much as technology. MDPI
- Industry trackers: Ledger Insights’ analysis of PBOC releases highlights a step‑change in volumes to ¥14.2T by September 2025, reinforcing the perception that 2024–2025 was an adoption inflection period. Ledger Insights
- Civil‑society critics: Human‑rights monitors warn that CBDCs can centralize data and expand state visibility over transactions; they flag privacy and governance as risks policymakers must address as pilots scale. cbdctracker.hrf.org
Why it matters
For Beijing, e‑CNY is not just a digital makeover of cash—it’s a policy instrument tied to efficiency, inclusion, resilience, and, increasingly, currency internationalization. Alongside CIPS (China’s yuan‑based settlement system), officials have framed e‑CNY as part of a more “multipolar” monetary order, a message reiterated at the Lujiazui Forum this year. Reuters
What’s next
- More operators, more rails. Expect the PBOC to license additional banks and sharpen e‑CNY’s place in monetary aggregates, while advancing cross‑border pilots through the Shanghai center. Bank for International Settlements
- Hong Kong & the GBA. Retail e‑CNY in Hong Kong and Guangdong‑Hong Kong‑Macao flows should broaden as wallet and merchant coverage grows—especially if authorities further ease caps and broaden interoperability. Reuters
- Standards and safeguards. IMF guidance and privacy critiques suggest that data governance, cyber‑resilience, and clear user protections will shape public trust as usage expands. IMF
Sources & further reading
- Official data announcements: Xinhua/State Council (value, coverage, wallets, dual‑center). Xinhua News
- Governor remarks: Full BIS‑hosted text of Pan Gongsheng’s Oct. 27, 2025 speech (ecosystem status, governance, operator expansion). Bank for International Settlements
- Independent coverage/analysis: Caixin on Beijing’s new operations center; Ledger Insights on growth since mid‑2024. Caixin Global
- Cross‑border context: Reuters on Hong Kong retail use; HKMA’s Eddie Yue on mBridge; BIS on mBridge MVP. Reuters
- Expert perspectives: IMF on retail CBDCs’ limited gains when used only as payout rails; 2025 study on e‑CNY and financial inclusion. IMF
