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]

本报北京12月30日电 （记者吴秋余）记者近日获悉：中国人民银行出台了《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》。依据该方案，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将于2026年1月1日启动实施。数字人民币将从数字现金时代迈入数字存款 货币时代。 （文章来源：人民日报） 中国人民银行副行长陆磊表示，根据制度安排，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，标志着数字人民币由现金型1.0版进入存款货币型2.0版。 方案明确，银行机构为客户实名数字人民币钱包余额计付利息，遵守存款利率定价自律约定。银行可以 对数字人民币钱包余额自主开展资产负债经营管理，由存款保险依法提供与存款同等的安全保障。对非 银行支付机构而言，数字人民币保证金与非银行支付机构客户备付金无差异。 ...

中经记者 慈玉鹏 北京报道 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》（以下简称"《行动方案》"），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将于 2026年1月1日正式启动实施。 值得注意的是，按照《行动方案》，银行机构为客户实名数字人民币钱包余额计付利息。《中国经营 报》记者采访了解到，持有数字人民币从"零收益"变为"有收益"，将显著提升居民使用意愿和持有黏 性。对企业来说，数字人民币的"支付即结算"特性叠加计息功能，也能进一步降低资金在途成本。 政策落地过程中需关注哪些问题？陆岷峰提示，政策实施初期，需密切关注可能出现的银行存款结构性 迁移。若数字人民币对银行存款形成过快、过大规模的替代，可能短期内影响部分银行的流动性管理和 负债成本。央行需通过精细化的额度管理、差异化的计息政策（如分层利率）以及与商业银行合理的利 益协调机制，确保金融体系平稳过渡。商业银行必须主动应对，加快业务模式创新，从依赖存贷利差转 向以服务费和金融科技为核心竞争力的模式。 提升使用意愿 总体看，《行动方案》将实质性提升数字人民币作为法币的竞争力，计息功能使其不再仅 ...

首先是收益性提升。截至2025年11月末，已有2.3亿个人钱包开立，累计交易金额16.7万亿元。这些钱包中的余额从此前的"沉睡资产"转变为"生息资产"。按 照当前0.25%的活期存款利率计算，一个持有10万元数字人民币的用户，每年可获得250元利息收益。虽然单笔金额不大，但对于庞大的用户基数和交易总 量而言，这将是一笔可观的社会财富增值。 当大多数人还在把数字人民币当作"高级版现金"使用时，一场足以颠覆整个支付体系的变革已经悄然来临。2026年1月1日，新一代数字人民币将正式启动实 施，这不仅仅是一次简单的功能升级，而是从数字现金时代到数字存款货币时代的跨越，是货币层次从M0到M1的关键跃迁。作为一名长期关注数字金融领 域的观察者，我认为这一变革将深刻改变普通人的理财习惯、企业的经营模式，甚至重塑整个金融市场的竞争格局。 一、从M0到M1：数字人民币的本质性飞跃 在货币金融学中，M0（流通中现金）和M1（M0+活期存款）代表着完全不同的货币属性和功能。过去五年，数字人民币一直以M0形态存在，本质上就 是"数字化的现金"，虽然具备支付便捷、可控匿名等优势，但无法产生利息收益，限制了其作为价值储藏手段的功能。 而 ...

Core Insights - The People's Bank of China has introduced a significant adjustment to the digital yuan management service system, allowing banks to pay interest on customer real-name digital yuan wallet balances, marking a transition from a digital cash era to a digital deposit currency era [1][2] Group 1: Digital Yuan Management and Interest - The new policy is expected to enhance the willingness of individuals and businesses to use digital yuan, as starting in 2026, funds in digital yuan wallets will earn interest similar to demand deposits [1] - Digital yuan deposits will be covered by the deposit insurance system, and non-bank payment institutions will implement 100% digital yuan margin requirements, ensuring the safety of funds [1] Group 2: Impact on Banking Sector - The upgrade in the core positioning of digital yuan is likely to activate commercial banks' intrinsic motivation to participate in the digital yuan ecosystem, reversing the previous situation where banks only invested without returns [1] - Under the new regulations, digital yuan deposits will become a usable source of funds for banks, enhancing their motivation to promote digital yuan and allowing for the development of more deposit, wealth management, and credit products [1] Group 3: Expansion of Usage Scenarios - The adjustment is expected to encourage more merchants to adopt digital yuan, further enriching its usage scenarios, with 230 million personal wallets and 18.84 million corporate wallets reported by November 2025, totaling 3.48 billion transactions worth 16.7 trillion yuan [2] - The ability to earn interest on digital yuan will benefit users, banks, and non-bank payment institutions, promoting deeper integration of digital yuan with existing payment systems and supporting the sustainable development of the digital yuan ecosystem [2]

Core Viewpoint - The company is actively developing its digital currency business, primarily targeting domestic customers and leveraging partnerships with major banks in China [1] Group 1: Digital Currency Business - The company's digital RMB business is built on the payment systems of major banks such as Postal Savings Bank, Industrial and Commercial Bank, Bank of China, and China Construction Bank [1] - The digital currency applications are designed to enhance user experience in various scenarios, including non-tax payments, transportation, public payments, and commercial services [1] - Current operations are focused on domestic cities, specifically in Fujian, Shaanxi, and Chongqing [1] Group 2: Future Outlook - The company will continue to monitor trends in the digital currency industry and will disclose relevant developments in accordance with legal and regulatory requirements [1]