Core Viewpoint - The digital renminbi is transitioning from the 1.0 era of digital cash to the 2.0 era of digital deposit currency, with a new management and service framework set to be implemented by January 1, 2026 [1] Group 1: Digital Currency Development - China is a pioneer in digital currency exploration, having initiated theoretical research and closed testing of the digital renminbi in 2014, with pilot programs starting in 2019 [3] - The digital renminbi ecosystem has been preliminarily established, following a path that relies on central bank leadership and integration with commercial financial institutions [3] - The digital renminbi 2.0 will be a modern digital payment and circulation method, issued and circulated within the financial system, featuring functions such as value measurement, value storage, and cross-border payment [3][4] Group 2: Operational Framework - The transition to digital renminbi 2.0 retains the successful core elements of the previous phase, particularly the dual-layer operational structure that separates management and operation [4] - The People's Bank of China will establish a digital renminbi management committee to oversee relevant business lines and ensure comprehensive functional regulation [5] - The operational management centers for digital renminbi will be located in Beijing and Shanghai, focusing on system security and cross-border business operations [5] Group 3: Technological Integration - Digital renminbi 2.0 will combine account-based management with blockchain efficiency, utilizing a hybrid architecture that incorporates both account and blockchain characteristics [6] - The digital renminbi will leverage smart contracts and digital technologies to enhance payment services, moving from electronic to digital payment [8][10] - Blockchain technology will be applied not only in cross-border payments but also in the digitalization of real-world assets, with platforms established for various financial services [11] Group 4: Changes in Currency Structure - The digital renminbi will shift from being a central bank liability to a digital deposit currency, allowing banks to manage digital renminbi wallet balances as part of their asset-liability operations [8] - Digital renminbi wallet balances will earn interest and be included in the banks' balance sheets, enhancing the stability of commercial banks' liabilities [8][9] - The digital renminbi will maintain its equivalence to fiat currency, ensuring interoperability and convenience for users [9]

董希淼（招联首席研究员、上海金融与发展实验室副主任） 近日，中国人民银行出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方 案》（以下简称"《行动方案》"），2026年1月1日正式启动实施新一代数字人民币计量框架、管理体 系、运行机制和生态体系。根据《行动方案》，数字人民币不再局限于现金（M0）定位，其钱包余额 将计付利息。多家银行纷纷宣布，数字人民币钱包余额按照本行活期存款挂牌利率计付利息。 这是数字人民币研发试点十余年来最革命性的变化，标志着数字人民币将从"数字现金"1.0版迈入"数字 存款货币"2.0版。金融强国关键核心金融要素之一是"强大的货币"。党的二十届四中全会审议通过的 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"稳步发展数字人民币"。未 来，2.0版数字人民币要成为"强大的货币"，还需要付出更多努力。 数字人民币试点进展与不足 中国是世界上最早使用货币的国家之一，使用货币的历史长达五千年之久。北宋时期，我国四川成都地 区出现世界上最早的纸币——"交子"。近年来，数字经济已经成为全球经济重要驱动力和新的增长点。 作为数字经济时代的"新基建"，数字货币 ...

Group 1 - From January 1, 2026, digital RMB real-name wallet balances will earn interest based on the current demand deposit rate set by the respective banks, which is currently 0.05% [1] - The digital RMB is categorized into four types of wallets, with only the first three types (real-name wallets) eligible for interest, while the fourth type (anonymous wallet) will not earn interest [1] - The interest will be calculated according to the People's Bank of China’s demand deposit interest rules, with interest credited on the 20th of each quarter's last month [1] Group 2 - There are currently 10 designated operating institutions for digital RMB, including six state-owned commercial banks, two joint-stock commercial banks, and two internet banks [2] - The central bank is working on expanding the number of operating institutions and has introduced a new action plan to enhance the management and service system for digital RMB, set to be implemented on January 1, 2026 [2] - Banks will manage the digital RMB wallet balances autonomously and provide the same level of security as traditional deposits through deposit insurance [2]

Core Viewpoint - The digital renminbi is set to transition into its 2.0 era on January 1, 2026, evolving from "digital cash" to "digital deposits," which will significantly impact everyday payments and consumer behavior [1][5]. Group 1: Key Features of Digital Renminbi 2.0 - From January 1, 2026, the balance in real-name digital renminbi wallets will earn interest at the same rate as demand deposits, with a current annual interest rate of 0.05% as observed from banks like China Merchants Bank [5][6]. - Interest will be calculated quarterly, with specific dates for interest payment, allowing consumers to earn passive income on idle funds [5][6]. - Only real-name wallets will be eligible for interest; anonymous wallets will not receive this benefit [6]. Group 2: Security and Insurance - Digital renminbi deposits will be included in the deposit insurance scheme, providing a safety net of up to 500,000 yuan, similar to traditional bank deposits [6][9]. - This inclusion aims to alleviate consumer concerns regarding the safety of their funds, enhancing the attractiveness of digital renminbi [10]. Group 3: Implications for Financial Institutions - The upgrade will encourage banks to integrate digital renminbi into their asset-liability management, enabling them to offer additional financial services such as loans and investment products [9][12]. - Banks can leverage the interest-bearing feature to attract more customers and create a closed-loop business model around digital wallets [9][10]. Group 4: Market Impact and Future Prospects - The digital renminbi's evolution is expected to have profound effects on the financial market, allowing banks to shift from passive to active deposit strategies [10][12]. - The introduction of smart contracts and programmable currency capabilities will facilitate innovative financial solutions, potentially increasing the frequency of digital renminbi usage in various sectors [11][12]. - The digital renminbi has already processed transactions worth 16.7 trillion yuan since its launch, indicating strong market adoption and a diverse range of applications [11].

从2026年1月1日起，数字人民币钱包余额将按照活期存款计付利息。这也意味着，经过十年研发试点，数字人民币将从"数字现金时代"迈入"数字存款货 币"时代。 数字人民币计息有何意义？ 工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行在2025年12月31日相继发布公告，将开立在该行的数字人民币实名钱包余额按照银行活 期存款挂牌利率计付利息，计结息规则与活期存款一致。 六大国有银行率先响应，其余银行类运营机构遵循统一政策。这一举动的背后，并非简单的"加利息"，而是数字人民币将从现金型1.0版步入存款货币型 2.0版的变化。 目前，数字人民币已在批发零售、餐饮文旅、教育医疗、公共服务、社会治理、乡村振兴等领域形成覆盖线上线下、可复制推广的应用模式，兼具账户与 区块链双重模式、软硬件钱包适配、线上线下及离线支付兼容的通用混合型货币能力。 △2025年12月26日，上海黄浦区一超市外张贴了店内支持的付款方式列表，包括微信、支付宝、数字人民币等，共有十余种。 新闻多看点 NEWS MORE 专家表示，对数字人民币钱包余额计付利息后，中国将成为首个为央行数字货币计息的经济体。这将有助于提高用户使用数字人民币的意愿 ...

Core Viewpoint - Starting from January 1, 2026, digital RMB will officially enter the interest-bearing phase, transitioning from cash-type version 1.0 to deposit currency version 2.0, indicating its integration into residents' wealth management scenarios [1][2]. Group 1: Interest Payment Mechanism - The People's Bank of China has implemented a plan that allows banks to pay interest on the balances of real-name digital RMB wallets, with interest calculated at the same rate as current deposit rates [2][4]. - The digital RMB app has launched a feature that allows users to view the interest amount and annual interest rate for the previous quarter [2]. - The current interest rate for digital RMB wallets is set at 0.05% [2]. Group 2: Wallet Types and Interest Eligibility - There are four types of digital RMB wallets, with only real-name wallets eligible for interest payments; anonymous wallets do not earn interest [3]. - The classification of wallets is based on the level of identity verification, with varying limits on consumption, transfers, and account balances [3]. Group 3: Expansion of Deposit Products - The digital RMB is issued by the People's Bank of China and is being integrated into various payment scenarios, including transportation, dining, shopping, and utility payments [4]. - Currently, ten commercial banks are authorized to open digital RMB wallets, including major banks such as ICBC, ABC, and CCB [4]. - The implementation of the interest-bearing mechanism is expected to lead to an expansion of deposit products, enhancing the digital RMB's role as a comprehensive digital financial tool for cash management and wealth growth [5].

数字人民币支付场景走通已不是问题，重点在于解决个人和机构的持有和应用意愿、调动商业银行推广 的积极性、明确各类相关者的义务和利益、处理好与银行账户的关系，保证跨境支付结算的顺畅平滑 文｜刘晓春 最后，实现真正的支付即结算。由于数字人民币是法定货币，支付即时到账，不需要再进行其他兑换或 托收操作。而稳定币等只是支付凭证，不是货币本身，支付后收款人还需兑换或托收法定货币才能真正 实现结算。 以上只是就业务应用角度谈成绩，数字人民币在技术创新应用方面也有许多可圈可点之处。 推广应用中存在不足 然而，虽然进行了大规模的试点，但数字人民币在推广应用中还是存在一些不足之处。这主要表现在： 民众使用的主动性不够，企事业单位持有意愿不强，商业银行缺乏推广积极性，跨境支付尚不流畅等。 究其原因，主要有以下几方面： 数字人民币自开始研究到逐步扩大试点规模，至今已经走过十个年头，取得了巨大的成就，在全球央行 数字货币领域绝无仅有。 首先，支付场景全面。数字人民币支持1000多万个场景的支付结算，可以说几乎覆盖了目前所有的支付 需求。 其次，方便性优于第三方支付等支付方式。数字人民币在支付环节的操作上，一般环境下与第三方支付 等其他 ...

Core Viewpoint - Major Chinese banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, will start paying interest on the balances of digital RMB wallets at the rate of their respective demand deposit rates from January 1, 2026 [1][2][4][5][8][9]. Group 1: Bank Announcements - ICBC will pay interest on digital RMB wallet balances according to its demand deposit rate, with interest calculation rules consistent with those for demand deposits [1]. - ABC will also apply the same interest payment policy for digital RMB wallet balances starting January 1, 2026 [2]. - BOC will follow the same approach, paying interest on digital RMB wallet balances at its demand deposit rate from January 1, 2026 [4]. - CCB will implement interest payments on digital RMB wallet balances based on its demand deposit rate, with relevant service agreement updates [5]. - BOCOM will pay interest on digital RMB wallet balances according to its demand deposit rate, effective January 1, 2026 [8]. - PSBC will also apply the same interest payment policy for digital RMB wallet balances starting January 1, 2026 [9].

Core Viewpoint - Starting from January 1, 2026, Bank of China will pay interest on the balance of digital RMB real-name wallets at the same rate as its current deposit rates, with interest calculation rules consistent with those of current deposits [1] Group 1 - Bank of China announced the implementation of interest payments for digital RMB wallets [1] - The interest rate will be aligned with the bank's current deposit rates [1] - The interest calculation rules will follow the same guidelines as those for current deposits [1]

在数字化浪潮席卷全球的当下，支付方式正经历着前所未有的变革。数字人民币作为中国央行发行的法定数字货币，与微信、支付宝这两大第三方支付平 台，在支付领域形成了三足鼎立的格局。它们虽同为支付工具，但在本质属性、技术架构、使用场景、政策目标等多个维度上存在着显著差异，共同塑造着 中国支付市场的多元生态。 微信支付和支付宝则更注重场景深耕，尤其是在社交场景和小额转账中具有独特优势。微信支付与社交场景深度绑定，用户可以在聊天过程中直接完成转账 或发送红包，无需切换应用，这种无缝衔接的设计极大提升了在熟人之间进行小额资金往来时的便利性。例如，在群聊中点击"+"号，选择"红包"，设定总 金额和数量，发送后群成员可即时领取，整个过程完全嵌入社交流程。支付宝则定位为综合性数字生活平台，提供了更为全面的金融及生活服务功能，适合 对理财、信贷有需求的用户。用户进入支付宝首页，可直接访问"余额宝"进行现金管理，查看收益情况；点击"花呗"入口，可查看当前额度、账单详情，并 设置还款提醒；通过"信用卡还款"功能，添加多张银行卡并设置自动还款计划，避免逾期影响信用记录。 数字人民币的政策目标旨在提升支付系统的效率和安全性，促进普惠金融发展 ...