Core Viewpoint - Starting January 1, 2026, China Construction Bank will pay interest on the balance of digital RMB wallets at the same rate as its current deposit rates, with interest calculation rules aligned with those of current deposits [1] Group 1 - China Construction Bank will implement interest payments on digital RMB wallets, enhancing the attractiveness of its digital currency offerings [1] - The interest rate will be based on the bank's current deposit rates, which may encourage more customers to utilize digital RMB wallets [1] - Customers can inquire about this business adjustment through the bank's customer service hotline [1]

专题：香港试验场：稳定币、监管与未来金融体系 中国的央行数字货币——数字人民币（e-CNY）将在新年迎来重大升级：从1.0版本（属于M0的"数字现 金"）迈向2.0版本（属于M1的"数字存款货币"）。 金杜律师事务所香港办公室合伙人费思律师指出，这一升级标志着数字人民币设计理念的重大创新，将 为人民币国际化提供新的动力，并进一步巩固香港作为离岸人民币中心和数字金融枢纽的战略地位。e- CNY 2.0也是目前全球主要经济体中最具前瞻性和创新性的央行数字货币。 e-CNY 2.0的设计理念：延续"双层"体系，与BIS愿景契合 费思律师表示，e-CNY 2.0的设计延续并强化了现有"双层"银行与支付体系（即中央银行与商业银行协 同运作），这一模式与国际清算银行（BIS）在《下一代货币与金融体系》研究报告中提出的愿景高度 契合。该报告指出，央行数字货币应在保持金融体系稳定和效率的前提下推进创新，避免直接替代商业 银行功能，以防止存款集中迁移、信贷创造受限等风险。 通过"双层架构"，中央银行负责核心标准和基础设施，商业银行继续承担客户服务、支付结算和信贷中 介职能，从而实现安全性、公信力与市场化创新的有机结合，确保货币 ...

Core Viewpoint - The report from Guojin Securities highlights the steady development of digital RMB as part of the "14th Five-Year Plan," which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [1][2]. Group 1: Event Overview - The People's Bank of China has issued an action plan to strengthen the management service system for digital RMB, with a new measurement framework and operational mechanisms set to be implemented on January 1, 2026 [2]. Group 2: Transition from M0 to M1 - Digital RMB is transitioning from M0 to M1, with banks now able to pay interest on customer-held digital RMB wallet balances, adhering to deposit rate pricing agreements. This marks the entry of digital RMB into a new deposit era [3]. Group 3: Technological Architecture Upgrade - The action plan outlines a digital solution based on "account system + currency string + smart contracts," aiming to enhance the digitalization and intelligence of RMB issuance, circulation, and payment processes [4]. Group 4: Optimization of the "Dual-Layer Architecture" - The central bank will oversee business rules and technical standards for digital RMB, while commercial banks will manage customer wallets and ensure compliance and security, providing the same level of protection as traditional deposits [5]. Group 5: Comprehensive Risk Protection - Banks can independently manage the asset-liability operations of digital RMB wallet balances, with deposit insurance providing equivalent safety guarantees. A digital RMB management committee will be established to ensure comprehensive functional supervision [6].

Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of digital renminbi, transitioning from a cash-based model to a deposit currency model by January 1, 2026 [1] Group 1: Digital Renminbi Framework - A new measurement framework, management system, operational mechanism, and ecosystem for digital renminbi will be implemented [1] - Digital renminbi will evolve from a cash-type version 1.0 to a deposit currency-type version 2.0 [1] Group 2: Banking Institutions and Digital Wallets - Customers' digital renminbi in commercial bank wallets will be treated as bank liabilities based on accounts [1] - Banks will pay interest on the balance of customers' real-name digital renminbi wallets, adhering to self-discipline agreements on deposit interest rates [1] - Banks can independently manage asset and liability operations for digital renminbi wallet balances, with deposit insurance providing equivalent safety guarantees [1] Group 3: Non-Bank Payment Institutions - The digital renminbi margin for non-bank payment institutions will be treated similarly to customer reserve funds [1]

Core Viewpoint - The digital renminbi is transitioning from a "central bank liability" cash model (1.0) to a "deposit currency" model (2.0) integrated into the commercial banking liability system, allowing for interest accrual and reserve requirements, effectively becoming a general deposit [1][2]. Group 1: Upgrade of Digital Renminbi - The core positioning of e-CNY has fundamentally changed from a cash-type model to a deposit currency model, integrating into the commercial banking liability system and allowing for interest payments and reserve requirements [2]. - This upgrade represents a global innovation in Central Bank Digital Currency (CBDC), enhancing internationalization effects and serving as a model for other central banks, particularly in cross-border trade applications [2]. Group 2: Impact on Banking Stability and Monetary Policy - The transition to a deposit currency will strengthen the stability of bank liabilities by returning digital renminbi management to the banking system [3]. - It will enhance the efficiency of monetary policy transmission, as deposit-type digital renminbi can be included in reserve and interest rate frameworks, improving the flow of policy tools from central banks to commercial banks and then to the real economy [3]. - The new framework increases banks' motivation to promote digital renminbi, as it becomes a core liability for them, enhancing their promotional incentives [3]. Group 3: Strengthening Payment Business Advantages - Digital renminbi is expected to become a crucial tool for linking corporate and retail banking, enhancing customer loyalty through applications in corporate accounts and payment settlements [4]. - It will provide a competitive advantage over third-party platforms in payment processes, as it remains under the central bank's payment infrastructure, which has already achieved unconditional access to major internet platforms [4]. Group 4: Focus on Capability Building - The number of digital renminbi operating institutions is expected to increase, with a shift in competition from licensing to service capabilities [6]. - Digital renminbi will leverage new technology applications, requiring banks to enhance their system construction, product design, and specialized service teams, making service capability a key competitive factor [6]. Group 5: Development Outlook - There is significant room for growth in the domestic account openings and transaction amounts for digital renminbi, with only 230 million personal wallets and 18.84 million corporate wallets opened by November 2025, compared to over 15.395 billion total bank accounts [7]. - The internationalization of the renminbi is expected to drive increased usage of e-CNY, with substantial cross-border transaction volumes anticipated as banks promote its adoption [7].

Core Insights - The People's Bank of China will officially implement a new digital RMB measurement framework, management system, operational mechanism, and ecosystem starting January 1, 2026, marking a significant transition from digital cash to digital deposit currency [1][2] Group 1: Digital RMB Development - The new action plan allows banks to pay interest on customer-held digital RMB wallet balances, enhancing the appeal of digital RMB for users [1][2] - As of November 2025, digital RMB has processed 3.48 billion transactions with a total transaction value of 16.7 trillion yuan, indicating strong adoption across various sectors [1] Group 2: Institutional Changes - The action plan signifies a major adjustment in the digital RMB framework, transitioning it from a cash-based model to a deposit currency model, thus increasing the liquidity and usability of digital RMB [2][3] - Digital RMB wallet balances will be classified as commercial bank liabilities, allowing banks to manage these funds more effectively and incentivizing them to promote digital RMB usage [3] Group 3: Ecosystem and Incentives - The new framework creates a compatible incentive structure for users, banks, and non-bank payment institutions, fostering a more integrated digital RMB ecosystem [4] - The establishment of a standardized operational framework for digital RMB is expected to provide clarity for banks and payment institutions, facilitating commercial implementation [4]

Core Viewpoint - The digital renminbi is transitioning from a "central bank liability" model (1.0) that replaces cash to a "deposit currency" model (2.0) integrated into the commercial banking liability system, allowing for interest-bearing accounts and reserve requirements [1] Industry Impact - This institutional adjustment is expected to enhance the stability of bank liabilities and improve the efficiency of monetary policy transmission under the reserve and interest rate framework [1] - The digital renminbi is anticipated to become a significant tool linking corporate and retail sectors, while also posing a competitive threat to third-party payment platforms [1] - Future development focus for banks regarding digital renminbi will shift from qualification to capability, necessitating a transition from account operations to specialized scenario-based services to capitalize on the increasing penetration of digital renminbi [1]

Core Viewpoint - The digital renminbi will transition from "digital cash" to "digital deposits" starting January 1, 2026, allowing users to earn interest on their digital currency holdings, marking a significant evolution in its role as a financial asset [1][2]. Group 1: Digital Renminbi Transition - The People's Bank of China has issued an action plan that allows commercial banks to pay interest on customer-held digital renminbi wallets based on the bank's current deposit rates [1][2]. - This change signifies a fundamental shift in the positioning of digital renminbi from cash in circulation (M0) to deposits within the commercial banking system [1][2]. - The transition will enable users to benefit from both the efficiency of traditional payment accounts and the innovative features of smart contracts [2]. 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 in case of bank failure [2]. - This enhancement significantly increases the attractiveness of digital renminbi as a wealth storage vehicle, combining security with potential returns [2]. Group 3: Current Status and Growth - As of November 2025, the digital renminbi has processed 3.48 billion transactions, with a total transaction value exceeding 16.7 trillion yuan [3]. - The number of personal digital wallets has reached 230 million, while corporate wallets stand at 1.884 million [3]. - In the cross-border payment sector, the mBridge initiative has successfully processed 4,047 transactions, with a transaction value equivalent to 387.2 billion yuan, of which 95.3% involved digital renminbi [3].

Core Viewpoint - The People's Bank of China will officially implement a new digital RMB measurement framework, management system, operational mechanism, and ecosystem starting January 1, 2026, marking a significant transition from digital cash to interest-bearing digital deposits [2][3]. Group 1: Digital RMB Implementation - The new action plan allows banks to pay interest on customer real-name digital RMB wallet balances, indicating a shift to a deposit currency model [2][3]. - As of November 2025, digital RMB has processed 3.48 billion transactions with a total transaction amount of 16.7 trillion yuan, demonstrating its growing adoption across various sectors [2]. Group 2: Changes in Banking Operations - The digital RMB wallet balances will be classified based on liquidity, transitioning from a cash-based model to a deposit-based model, enhancing the incentive for users to hold digital RMB [3][4]. - The inclusion of digital RMB in the reserve requirement framework for banks will ensure its safety and stability, encouraging banks to promote digital RMB usage [3][4]. Group 3: Impact on Financial Ecosystem - The upgrade in the core positioning of digital RMB is expected to motivate commercial banks to engage more actively in the digital RMB ecosystem, reversing the previous lack of incentive for banks [4][5]. - The new regulations will allow banks to develop more deposit, wealth management, and credit products around interest-bearing digital wallets, fostering a comprehensive "payment + finance" ecosystem [5].

Core Insights - The People's Bank of China will officially implement a new digital RMB measurement framework, management system, operational mechanism, and ecosystem starting January 1, 2026, marking a significant transition from digital cash to digital deposit currency [1][2] Group 1: Digital RMB Development - The new action plan allows banks to pay interest on customer-held digital RMB wallet balances, enhancing the appeal of digital RMB for users [1][2] - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened [1] Group 2: Institutional Changes - The digital RMB will transition from a cash-based model to a deposit currency model, with wallets classified as bank liabilities, thus incentivizing banks to promote digital RMB [2][3] - The action plan integrates digital RMB into the reserve requirement framework, ensuring its safety and stability, which is expected to encourage more merchants to accept digital RMB [2][3] Group 3: Ecosystem and Market Impact - The new framework is designed to create a win-win situation for users, banks, and non-bank payment institutions, promoting deeper integration of digital RMB into the existing payment system [4] - The establishment of a standardized operational framework for digital RMB is expected to provide clarity for banks and payment institutions, facilitating commercial implementation [4]