Core Viewpoint - The digital renminbi will start accruing interest from January 1, 2026, marking a significant transition from cash-type version 1.0 to deposit currency version 2.0, as outlined in the action plan by the People's Bank of China [1] Group 1: Transition to Deposit Currency - The digital renminbi will shift from being classified as cash to being treated as a deposit, changing its status from central bank liabilities to bank liabilities [1] - This upgrade will allow individuals and businesses to earn interest on their digital renminbi wallets, initially at the same rate as current deposit rates [2] - The digital renminbi will be included in banks' balance sheets, enabling banks to manage assets and liabilities more effectively and incentivizing them to offer diverse financial products [2] Group 2: Financial Services and Stability - Financial services associated with digital renminbi will increasingly resemble those of traditional deposits, expanding its usability beyond cash scenarios [2] - The new framework aims to enhance macro-financial stability and mitigate financial disintermediation risks by incorporating digital renminbi into the reserve requirement system [3] - Banks will no longer face a liquidity contraction effect as digital renminbi will be treated as M1 or M2, allowing them to meet reserve requirements similar to regular deposits [3] Group 3: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they do not have the qualifications to conduct deposit business and lack the ability to create money [4]

Group 1 - The People's Bank of China announced the implementation of the new digital RMB framework on January 1, 2026, marking the transition from digital cash to digital deposit currency [1] - The new framework includes a mechanism for interest payments on digital RMB held in commercial bank wallets, addressing previous issues of low holding motivation due to lack of returns [1] - As of November 2025, the cumulative transactions of digital RMB reached 3.48 billion, with a total amount of 16.7 trillion yuan, indicating significant user engagement with 230 million personal wallets and 1.884 million corporate wallets [1] Group 2 - Guotai Junan Securities stated that the integration of digital RMB into commercial bank liabilities and the reserve system enhances macroeconomic control and expands the business space for financial institutions [2] - Huachuang Securities highlighted the vast potential in payment scenarios following the upgrade of digital RMB to M1 and M2 categories, with applications already covering 17 provinces and cities [2] - By 2030, the transaction volume of digital RMB is projected to reach between 52.8 trillion and 223.6 trillion yuan, with significant contributions from daily consumption and cross-border payment scenarios [2] Group 3 - Changliang Technology is a leading player in the domestic fintech sector, providing core business system solutions to a wide range of banking clients, including state-owned banks and foreign banks [3] - Newland is noted for its strong technical foundation in payment terminals, serving banks and third-party payment institutions [4]

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, officially launching on January 1, 2026, marking a transition from a cash-based to a deposit currency model [1][2]. Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) has announced a new management and operational framework for the digital renminbi, transitioning it to a deposit currency model [1]. - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [2][4]. - The digital renminbi will be included in the deposit insurance scheme, providing a maximum compensation limit of 500,000 yuan for depositors in case of bank risks [1]. Group 2: Implications for Commercial Banks - The transition to a deposit currency will align the digital renminbi with traditional deposits, enabling commercial banks to engage in asset utilization and monetary creation, thus generating stable income sources [2]. - The operational framework mandates that banks adhere to self-regulated interest rate pricing for digital renminbi wallets, referencing their current demand deposit rates [4]. Group 3: Public Benefits - Starting January 1, 2026, the balances in real-name digital renminbi wallets will earn interest, benefiting the public [3]. Group 4: Operational Framework and Institutions - The digital renminbi will be managed under a reserve requirement system, with participating banks required to include digital renminbi balances in their reserve calculations [4]. - Currently, there are 10 designated operational institutions for the digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [4].

Group 1 - The People's Bank of China has introduced an action plan for digital RMB management and infrastructure, set to officially launch on January 1, 2026, with significant transaction volumes already recorded [1] - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The mBridge platform has handled 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [1] Group 2 - China Chengtong and China Unicom have established a new technology innovation investment fund with a total investment of 10 billion yuan, focusing on venture capital for unlisted companies [2] - Dongguan Jimu Machinery Co., a Huawei subsidiary, has increased its registered capital from 3.89 billion yuan to approximately 4.689 billion yuan, marking a 21% increase [3] - Guangzhou Huitian Flying Car Manufacturing Co., a subsidiary of Xiaopeng Motors, has raised its registered capital from 650 million yuan to 900 million yuan, reflecting a 38% increase [4] Group 3 - Two ETFs from China have been listed in Thailand using the DR model, marking a significant step in the collaboration between Chinese and Thai capital markets [5] - Guangzhou Yu Xin Integrated Circuit Manufacturing Co. has increased its registered capital from 6.5 billion yuan to 7.5 billion yuan, a 15% increase [6] Group 4 - AI² Robotics has launched the world's first modular embodied intelligent service space, "Zhi Mo Fang," in Beijing and Shenzhen, with plans to deploy 1,000 units across various commercial and cultural locations in the next three years [8] Group 5 - The Ministry of Finance and the State Taxation Administration have announced that tobacco companies cannot deduct advertising expenses from taxable income, tightening regulations on advertising expenditures [9] - The State Administration for Market Regulation has introduced new regulations to oversee food contract manufacturing, effective December 1, 2026, emphasizing the responsibilities of both parties involved [10] Group 6 - Yang Gongyifan, CEO of Zhonghao Xinying, announced that the second generation of TPU products is set to launch next year, following the successful rollout of the first generation in 2023 [11]

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, transitioning from a cash-based model to a deposit currency model starting January 1, 2026 [1][2] Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) will implement a new management and operational framework for digital renminbi, marking the shift to a deposit currency era [1] - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [1][2] - Digital renminbi deposits will be covered by deposit insurance, providing a guarantee of up to 500,000 yuan in case of bank risks [1] Group 2: Impact on Commercial Banks - The transition to a deposit model will align the responsibilities and incentives of commercial banks, allowing them to engage in asset utilization and money creation [2] - Commercial banks will be able to earn stable income from the digital renminbi as it will be counted as part of their liabilities [2] Group 3: Operational Framework - The digital renminbi will be managed under a reserve requirement framework, with balances in digital wallets contributing to the reserve base [2] - Currently, there are 10 designated operating institutions for digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [3]

当前，境内和跨境数字人民币试验推广取得积极成效，在各国中央银行试验推进的项目中，数字人 民币处于领跑态势，具备了通用混合型货币能力、可编程型货币能力、高效监管型货币能力和全场景型 货币能力。截至2025年11月末，数字人民币累计处理交易34.8亿笔，累计交易金额16.7万亿元。通过数 字人民币App开立个人钱包2.3亿个，数字人民币单位钱包已开立1884万个。 本报北京12月29日电（记者温源）29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》，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。方案从机制上明确了数字人民币将从数字现金时代迈入数字存款货币 时代。 （来源：光明日报） 转自：光明日报 中国人民银行党委委员、副行长陆磊表示，方案的实施标志着数字人民币由现金型1.0版进入存款 货币型数字人民币2.0版。未来的数字人民币是中央银行提供技术支持保障并实施监管、具有商业银行 负债属性，以账户为基础、兼容分布式账本技术特点，在金融体系内发行、流通的现代化数字支付和流 通手段，具备货币价值尺度、价值储藏、跨境支付职能。 ...

Core Viewpoint - The digital renminbi will transition from a cash-based model to a deposit currency model starting January 1, 2026, allowing it to earn interest similar to regular savings accounts [1] Group 1: Digital Renminbi Transition - The digital renminbi will generate interest for users, with initial rates aligned to current savings account rates [1] - The legal and economic attributes of digital renminbi will align with those of regular bank deposits, enhancing its functionality [1] - The transition will create a win-win scenario for businesses and individuals, as they will benefit from interest income and a wider range of financial products [1] Group 2: Banking and Financial Services - Banks will be incentivized to offer diverse financial products and services based on the digital renminbi, as it will now appear on their balance sheets as a liability [2] - The restrictions on opening digital renminbi wallets will be relaxed, allowing commercial banks to provide more services [2] Group 3: Financial Stability and Risk Management - The new framework will enhance the sustainability of digital renminbi operations by ensuring that banks can earn profits from their digital currency activities [3] - The transition to a deposit model will help mitigate financial disintermediation risks and stabilize the macro-financial environment [3] - Digital renminbi will now be subject to reserve requirements similar to traditional deposits, improving liquidity management within the banking system [3] Group 4: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they lack the capacity to engage in deposit-taking activities [4]

Group 1 - The People's Bank of China will implement a new action plan for the management and service system of digital RMB, with a new framework and ecosystem set to launch on January 1, 2026, marking an upgrade from digital cash to digital deposit currency [1] - As of November 2025, digital RMB has processed 3.48 billion transactions with a total transaction amount of 16.7 trillion yuan, and 230 million personal wallets have been opened through the digital RMB app [1] - The digital RMB concept stocks saw a collective rise on December 29, with notable increases in stocks such as Hengbao Co., Ltd. and Lakala, which rose by 8.31% and 12.57% respectively [1] Group 2 - Seven concept stocks received over 1 billion yuan in net inflows on December 29, with Lakala leading at 371 million yuan [2] - The application scenarios for digital RMB are expanding rapidly from personal consumption to industrial finance, cross-border trade, and public services [2] - The digital RMB is being integrated into various innovative applications, including debt settlement in Hunan and financial products in the poultry industry by Postal Savings Bank [2] Group 3 - Guotai Junan Securities believes that digital RMB will accelerate penetration across the supply chain, with significant growth potential in banking IT and fintech sectors [3] - A total of 64 A-share companies are involved in digital RMB-related businesses, with the computer industry having the highest representation at 43 companies [3] - Eight concept stocks have been heavily favored by institutional investors, with a total market value of 2.939 billion yuan held by social security funds and pension funds [3] Group 4 - Unisoc's third-quarter report indicates that social security funds have newly entered as major shareholders, with a combined holding value of 1.89 billion yuan [4] - The company has made technological advancements in hardware related to digital currency and stablecoins, achieving market results in the digital RMB wallet sector [4] - Eight stocks received significant foreign investment, with a total holding value of 536 million yuan, indicating strong interest from QFII [4]

Core Viewpoint - The digital renminbi is transitioning from a digital cash era to a digital deposit currency era, with a new management and service framework set to be implemented on January 1, 2026 [1][2] Group 1: Digital Renminbi Development - The new action plan clarifies that the digital renminbi will have the characteristics of commercial bank liabilities, moving from central bank liabilities, which addresses key issues such as financial disintermediation risk and liquidity management [2] - The digital renminbi will be a modern digital payment and circulation method, compatible with distributed ledger technology, and will serve functions such as a measure of value, store of value, and cross-border payment [1] Group 2: Market Impact - The transition to a digital deposit currency will enhance user convenience, offering features like offline payments, real-time settlement, and improved security and yield for deposits, significantly increasing the attractiveness of the digital renminbi [2] - Banks will gain asset-liability management rights over digital renminbi, allowing them to activate wallet funds through wealth management and credit services, thus increasing participation [2] Group 3: Regulatory Framework - The action plan optimizes the "dual-layer architecture," where the central bank sets business rules and technical standards, while commercial banks manage digital renminbi wallets and ensure compliance and anti-money laundering responsibilities [3] - A digital renminbi management committee will be established by the People's Bank of China to coordinate relevant business lines and regulatory functions [3] Group 4: Market Reaction - Following the announcement, the digital currency sector and related stocks saw significant gains, with companies like Lakala rising by 12.57% and ST Tianyu by 11.40% on December 29 [3]

Core Viewpoint - The digital renminbi is set to undergo a significant transformation in 2026, transitioning from a non-interest-bearing currency to a digital deposit that earns interest, fundamentally changing personal finance management [1][3]. Group 1: Transformation of Digital Renminbi - The digital renminbi will no longer be labeled as "non-interest-bearing," allowing balances in real-name wallets to earn interest similar to bank deposits, with rates determined by a self-regulatory mechanism based on bank deposit rates [3]. - This change signifies a fundamental shift in the legal nature of digital renminbi, moving from "central bank liabilities to the public" to "commercial bank liabilities to customers," thus providing the same security as bank accounts, with deposits up to 500,000 yuan protected by deposit insurance [3]. Group 2: Impact on Banking and Credit Market - The reserve requirement ratio for commercial banks regarding digital renminbi will shift from 100% to a partial reserve system, enabling banks to lend out a portion of the digital renminbi deposits, potentially releasing hundreds of billions of yuan in credit space [4]. - Regulatory measures will continue to enforce a 100% reserve requirement for non-bank payment institutions, preventing the misuse of customer funds while providing traditional banks with a competitive advantage in the digital currency space [4]. Group 3: Changes for Consumers - Consumers will experience direct benefits as digital renminbi balances will now generate interest; for instance, a 1-year deposit of 10,000 yuan at an interest rate of 1.5% would yield 150 yuan in interest, marking a significant improvement from previous zero returns [4]. - The new digital renminbi will facilitate easier cross-border payments, enhancing connectivity with regions like Hong Kong and Singapore, allowing users to pay directly in digital renminbi without currency exchange [4]. - The evolution of digital renminbi from a payment tool to a financial management tool may lead to a new paradigm in personal finance, prompting discussions on whether to store funds in digital wallets or traditional bank accounts [4].