SHANGHAI/BEIJING - China will allow a dozen additional banks to handle its digital renminbi, three people with knowledge of the plans said, as Beijing pushes to under a strategy that contrasts sharply with the US approach.

The 12 new banks picked to promote the digital renminbi by China’s central bank will add to 10 currently authorised and include Shanghai Pudong Development Bank, China Everbright Bank and Bank of Ningbo, according to the people.