据中国人民银行消息，1日起，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正式启动实施。 这意味着从1日起，数字人民币从现金转变为存款，从央行负债转变为银行负债；数字人民币钱包余额开始计付利息。 数字人民币开始计息 日前，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》，明确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于2026年1月1日正式启动实施。 随着《行动方案》落地，数字人民币核心定位由流通中现金转为存款。中国人民银行副行长陆磊表示，数字人民币钱包余额将按照流动 性分别计入相应货币层次。这一制度安排，在中央银行-商业银行"双层架构"基础上，明确了客户在商业银行钱包中的数字人民币是以账 户为基础的商业银行负债。 有业内人士称，此前，数字人民币不在商业银行资产负债表上，而是在央行资产负债表上，但在数字人民币运用过程中，商业银行要承 担一系列的责任，"这对于商业银行，就是一个纯成本业务，存在激励不足、权责不统一的问题。" 陆磊表示，《行动方案》提出"全面推进数字人民币受理环境建设"，依托高效系统设计和全局一本账实现实时结算，全面降低信息流与 资金流 ...

红星资本局1月1日消息，据中国人民银行消息，今日起，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正式启动实施。 这意味着从今日起，数字人民币从现金转变为存款，从央行负债转变为银行负债；数字人民币钱包余额开始计付利息。 《行动方案》落地，对个人与企业用户来说，数字人民币钱包里的钱可以像活期存款一样生息，人们持有数字人民币也能有收益。 此外，个人支付便利化也将提升。上海新金融研究院副院长刘晓春表示，当数字人民币就在银行存款账户上时，即意味着银行间转账、跨境使用等，都将 更加直接、便捷。 数字人民币开始计息 日前，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》，明确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于2026年1月1日正式启动实施。 随着《行动方案》落地，数字人民币核心定位由流通中现金转为存款。中国人民银行副行长陆磊表示，数字人民币钱包余额将按照流动性分别计入相应货 币层次。这一制度安排，在中央银行-商业银行"双层架构"基础上，明确了客户在商业银行钱包中的数字人民币是以账户为基础的商业银行负债。 国信证券经济研究所金融业首席分析师王剑认为，这 ...

Group 1 - The six major state-owned banks in China announced that starting from January 1, 2026, they will pay interest on the balances of real-name digital RMB wallets at the same rate as current deposit rates, which is currently set at 0.05% [1] - This move makes China the first economy to offer interest on central bank digital currency [1]

今天，数字人民币正式迈入"计息"时代，用户实名钱包里的余额能"钱生钱"了。 图片截取自工商银行官方网站 六大行集体官宣 图片截取自农业银行官方网站 2025年12月31日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行集体发布关于数字 人民币重磅公告。公告称，自2026年1月1日（含）起，将为客户开立在该行的数字人民币实名钱包余 额，按照活期存款挂牌利率计付利息，计结息规则与活期存款一致。 这意味着，存放在这些钱包里的数字人民币，将和传统银行活期存款一样，开始产生收益。目前，几家 大行官网显示的活期存款挂牌利率为0.05%。 图片截取自工商银行官方网站 值得注意的是，并非所有数字人民币钱包都能享受计息。 数字人民币现金型1.0版迈入存款货币型2.0版，一大变化点是由央行对客户负债，变成了商业银行对客 户负债。为何会出现这一变化？ 中国人民银行党委委员、副行长陆磊在撰文中指出，数字现金作为中央银行对公众的负债，理论上不需 要商业银行等金融机构参与运营维护。但是在研发试点中，数字现金与流通中纸币的权责关系存在明显 差异。商业银行是数字钱包开立、场景开发和技术维护不可或缺的运营者，其服务伴随数字现金流通 ...

Core Viewpoint - The People's Bank of China is officially transitioning the digital yuan from a "cash-type 1.0" to a "deposit currency type 2.0," introducing a historical transformation that enhances its functionality as a financial asset with value storage capabilities [1][2]. Group 1: Mechanism Innovation - The core mechanism innovation of version 2.0 is characterized by the redefinition of liability attributes and the incorporation of a macro framework, allowing digital yuan balances in commercial banks to be classified as "account-based commercial bank liabilities" [3][6]. - The cancellation of the "non-interest" policy for digital yuan enables liquidity to flow directly into the electronic wallet system, marking the end of the cash era [3][6]. - The new framework enhances user willingness to hold and use digital yuan while providing banks with a manageable asset-liability space [6]. Group 2: Technical Architecture - The technical architecture features three major innovations: an account system, a currency string, and smart contracts, which facilitate a digital path for the digital yuan [7]. - The upgrade maintains compliance with existing bank account rules while introducing a "currency string" for value transfer and offline circulation, enhancing verification and system resilience [7]. - Smart contracts embedded in the funding flow can trigger conditions and automate verification in various scenarios, reducing misuse risks and compliance costs [7]. Group 3: Cross-Border Applications - The transition to "digital deposit currency" is reshaping the liquidity foundation and settlement efficiency of the multilateral central bank digital currency bridge (mBridge) [11]. - As of November 2025, digital yuan holds a dominant position in mBridge operations, accounting for 95.3% of transactions, with a total of 4,047 cross-border payments amounting to 387.2 billion yuan [14]. - The introduction of deposit insurance significantly lowers the risk costs for foreign participants holding digital yuan, enabling more robust fund position management [14].

Core Viewpoint - The People's Bank of China will implement a new action plan to enhance the management and service system of the digital renminbi, transitioning from a cash-like version to a deposit currency version starting January 1, 2026 [1][2]. Group 1: Transition to Digital Deposits - The digital renminbi will shift from being classified as "digital cash" to "digital deposits," allowing banks to pay interest on customer balances in digital renminbi wallets [2][6]. - Digital renminbi deposits will be included under deposit insurance, providing a protection limit of up to 500,000 yuan for customers in case of bank risks [2][8]. - Major banks, including ICBC and ABC, will start paying interest on digital renminbi wallet balances at the same rate as regular savings accounts [2][8]. Group 2: Implications for Banks - The new framework allows banks to manage digital renminbi as liabilities, enabling them to earn interest and comply with reserve requirements, thus integrating digital renminbi into their balance sheets [7][9]. - Previously, digital renminbi existed in M0 form, which did not allow for monetary creation; the new structure will allow it to be categorized under M1 or M2, improving liquidity in the banking system [8][9]. - The transition to digital deposits will enhance banks' motivation to promote digital renminbi, addressing previous cost burdens without corresponding revenue [9]. Group 3: Technological and Regulatory Aspects - The digital renminbi will incorporate distributed ledger technology and smart contracts, facilitating efficient payment processes and regulatory compliance [9]. - The new system aims to support real-time cross-border transactions, reducing intermediary costs and enhancing settlement efficiency, which may aid in the internationalization of the renminbi [9].

Core Viewpoint - The People's Bank of China has officially launched a new generation of digital RMB framework, marking the transition of digital RMB from cash to deposits, with wallet balances now earning interest [1][3]. Group 1: Digital RMB Implementation - The new digital RMB management service system and financial infrastructure will be fully implemented by January 1, 2026, transitioning its core positioning from cash in circulation to deposits [3]. - Digital RMB wallet balances will be treated as commercial bank liabilities, allowing users to "deposit" their digital RMB back into bank accounts [3][5]. - The digital RMB wallet will be categorized into four types, with only real-name wallets (types one to three) earning interest, while non-real-name wallets (type four) will not [4]. Group 2: Benefits for Users and Banks - The new system allows both individual and corporate users to earn interest on their digital RMB balances, similar to regular savings accounts, enhancing the appeal of holding digital RMB [5]. - The convenience of personal payments will increase, as digital RMB will facilitate direct and convenient interbank transfers and cross-border transactions [5]. - For commercial banks, digital RMB deposits will provide a new source of funds, encouraging banks to develop more deposit, wealth management, and credit products, thus creating a comprehensive "payment + finance" ecosystem [5][6]. Group 3: Security and Regulatory Framework - The digital RMB will be backed by the central bank, ensuring security and regulatory oversight, while commercial banks will be responsible for customer safety and compliance [7]. - Digital RMB transactions will not incur fees for transfers in or out of wallets, and they can be conducted without internet or power, enhancing user experience [7]. - The deposit insurance for digital RMB will have a maximum compensation limit of 500,000 RMB, providing additional security for users [7].

Core Viewpoint - The People's Bank of China (PBOC) announces the transition of digital RMB from the "digital cash era" to the "digital deposit currency era" after ten years of research and pilot programs [1] Group 1: Digital RMB Development - The PBOC's new action plan will officially implement on January 1, 2026, introducing a new measurement framework, management system, operational mechanism, and ecosystem for digital RMB [1] - Major banks including Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank will start paying interest on digital RMB wallet balances at the same rate as current deposit rates from January 1, 2026 [1] Group 2: Interest Mechanism - The introduction of an interest mechanism for digital RMB wallet balances is a significant highlight of the new action plan, aligning it with traditional savings accounts [1]

Core Viewpoint - The introduction of interest-bearing digital renminbi marks a significant transformation in China's digital currency landscape, transitioning from a cash-like version to a deposit currency model, reflecting an irreversible trend towards the widespread adoption of digital currencies [1][8] Economic Perspective - The interest mechanism establishes a market foundation for the digital renminbi, addressing previous challenges in its promotion, as it now offers value storage attributes similar to traditional banking [3] - The policy allows digital renminbi balances in commercial banks to earn interest, incentivizing users to actively choose digital wallets, thus enhancing payment scenarios [3] - The integration of digital renminbi into the reserve system and macro-prudential assessment framework improves its adaptability for macroeconomic control, ensuring regulated monetary creation and enhancing the efficiency of monetary policy transmission [4] Social Perspective - The proliferation of digital renminbi is fundamentally reshaping the payment ecosystem and enhancing governance efficiency, with the interest policy accelerating its social penetration [5] - As of November 2025, digital renminbi has processed 3.48 billion transactions worth 16.7 trillion yuan, with significant user adoption across various sectors, indicating its comprehensive coverage [5] - The dual attributes of "security + value addition" will reduce resistance to digital payments among older demographics and underserved markets, promoting inclusive digital finance [5] Global Context - The shift to an interest-bearing digital renminbi aligns with global trends in central bank digital currencies (CBDCs), positioning China as a leader in this space with a significant share in cross-border applications [6] - Compared to other countries' CBDC initiatives, China's digital renminbi has evolved from a payment tool to a complete monetary function carrier, providing a model for global CBDC development [6] Strategic Implications - The transition to an interest-bearing digital renminbi is part of a broader strategy to enhance market vitality, optimize regulatory frameworks, and lead in global monetary reform [8] - Embracing digital technology and continuously improving the technical, institutional, and ecological systems will ensure that the digital renminbi becomes a core support for China's digital economy and a competitive player in the global financial landscape [8]

Core Viewpoint - Starting January 1, 2026, several major banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank, will offer interest on the balances of digital RMB real-name wallets at the same rate as current deposit rates [1] Group 1 - The interest calculation rules for digital RMB wallets will align with those of current deposits [1] - China Construction Bank's announcement specifies that four types of wallets are excluded from this interest policy [1] - Bank of Communications states that if a customer opens a type four personal digital RMB wallet, the balance will not earn interest [1]