Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of digital RMB, with a new framework set to be implemented on January 1, 2026, marking a transition from "digital cash" to "digital deposit currency" [1] Group 1: Digital RMB Implementation - The digital RMB wallet balance will earn interest similar to demand deposits starting January 1, 2026 [1] - This initiative follows a decade of research and pilot programs, indicating a significant evolution in the digital currency landscape in China [1] Group 2: Economic Impact - China will become the first economy to pay interest on central bank digital currency, which is expected to enhance user willingness to adopt digital RMB [1] - The interest-bearing feature is anticipated to expand the usage scenarios for digital RMB, reinforcing China's leading position in the global exploration of central bank digital currencies [1]

（文章来源：21世纪经济报道） 数据显示，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。多边央行数字货币桥 （mBridge）累计处理跨境支付业务4047笔，累计交易金额折合人民币3872亿元，其中数字人民币在各 币种交易额占比约95.3%。 据央视新闻报道，从中国人民银行了解到，中国人民银行已经出台《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》（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。 ...

Core Insights - The People's Bank of China has introduced an action plan to enhance the management and service system of digital RMB, with a new framework set to launch on January 1, 2026 [1][2] - From January 1, 2026, digital RMB wallet balances will earn interest similar to demand deposits, marking a transition from "digital cash" to "digital deposit currency" [1][2] - China will become the first economy to pay interest on central bank digital currency (CBDC) balances, which is expected to increase user adoption and expand usage scenarios for digital RMB [1][2] Data Summary - As of the end of November 2025, digital RMB has processed a total of 3.48 billion transactions, amounting to 16.7 trillion yuan [1][2] - The digital RMB app has opened 230 million personal wallets, with 18.84 million unit wallets established [1][2] - The mBridge platform has handled 4,047 cross-border payment transactions, with a total transaction value equivalent to 387.2 billion yuan, where digital RMB accounts for approximately 95.3% of the transaction volume across currencies [1][2]

Core Viewpoint - The People's Bank of China (PBOC) has introduced an action plan to enhance the management and service system for digital RMB, set to be implemented on January 1, 2026, marking a transition from cash-type digital RMB 1.0 to deposit currency-type digital RMB 2.0 [1][2] Group 1: Digital RMB Framework - The action plan specifies that digital RMB wallets held by banks will be included in the reserve requirement framework, with balances counted towards deposit reserves [1] - Non-bank payment institutions will be required to maintain a 100% reserve for digital RMB, ensuring liquidity and stability [1] - The digital RMB will now be classified as a liability of commercial banks, allowing it to earn interest and expanding its monetary classification from M0 to M1 [1][2] Group 2: Transaction Data and Adoption - 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 [2] - The multi-central bank digital currency bridge (mBridge) 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 [2] Group 3: Implications for Financial Institutions - Banks are expected to actively participate in the development of digital RMB due to incentives, enhancing transaction efficiency and introducing new features like smart contracts [2][3] - The integration of digital RMB into the banking system is anticipated to mitigate financial disintermediation risks, strengthen macroeconomic control, and expand the business scope of financial institutions [3] - This framework aims to improve the compatibility of digital RMB with the existing financial system and enhance cross-border cooperation, ultimately increasing transaction volumes in broader scenarios [3]

Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of digital RMB, with a new framework set to be implemented on January 1, 2026, transitioning from cash-based to deposit currency-based digital RMB [2][3]. Group 1: Digital RMB Management and Framework - The action plan establishes a digital RMB measurement framework, incorporating bank-operated digital RMB into the reserve requirement system, with wallet balances counted towards deposit reserves [2]. - Non-bank payment institutions will implement a 100% digital RMB guarantee, ensuring that wallet balances are categorized based on liquidity [2]. - The transition marks the evolution of digital RMB from version 1.0 (cash-like) to version 2.0 (deposit currency-based) [2]. Group 2: Interest and Security Provisions - Under the dual-layer framework, banks will pay interest on customer-held digital RMB wallet balances, adhering to self-regulatory agreements on deposit rates [3]. - This arrangement allows banks to manage asset-liability operations autonomously, with deposit insurance providing equivalent security to traditional deposits [3]. - Non-bank payment institutions will treat digital RMB guarantees similarly to customer reserve funds [3]. Group 3: Digital RMB Transaction Data - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan [3]. - The digital RMB app has facilitated the opening of 230 million personal wallets, with 18.84 million unit wallets established [3]. - The mBridge initiative has processed 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [3].

Core Viewpoint - The digital renminbi is transitioning from "digital cash" to "digital deposit currency," allowing it to generate interest and participate in credit cycles, thus evolving into a complete financial infrastructure [1][3]. Group 1: Transition to Digital Deposit Currency - The digital renminbi will now be classified as a liability of commercial banks, allowing users to enjoy deposit insurance and earn interest, marking a shift from a mere payment tool to a value storage function [3]. - This change respects financial principles, as cash cannot earn interest due to its anonymity, while deposits can participate in economic cycles through bank credit [3]. Group 2: Hybrid Architecture - The digital renminbi features a "mixed architecture" that combines the advantages of an account system with the transparency and programmability of blockchain technology [4]. - This dual approach allows for practical solutions without blindly pursuing decentralization, focusing on real-world issues such as cross-border payments [5]. Group 3: Internationalization Efforts - As of November 2025, the digital renminbi has processed cross-border payments totaling 387.2 billion yuan, with a 95.3% share in the mBridge multilateral central bank digital currency platform [6]. - The Shanghai International Digital Renminbi Operations Center, launched in September 2025, aims to address the inefficiencies of traditional SWIFT systems through its "digital currency bridge" platform [6]. Group 4: Balancing Efficiency and Security - The upgrade of the digital renminbi faces challenges in balancing anonymous payments with anti-money laundering measures, offline transactions with system security, and technological advancements with risk prevention [7]. - The exploration of the digital renminbi transcends technical aspects, aiming to demonstrate that digital currencies can enhance traditional finance without necessarily disrupting it, potentially influencing the future of the global financial order [7].

Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of the digital renminbi, with a new framework set to launch on January 1, 2026 [1] Group 1: Digital Renminbi Infrastructure - A digital renminbi international operation center will be established in Shanghai, promoting the use of blockchain technology for digital renminbi applications [1] - The action plan includes the development of a blockchain service platform and digital asset platform, enabling on-chain settlement tools and cross-chain transfer capabilities [1] - The multi-central bank digital currency bridge aims to address jurisdictional issues related to business and currency sovereignty, ensuring equal rights and responsibilities among participants [1] Group 2: Future Development and Capabilities - Future cross-border use of digital renminbi will focus on technological iterations to expand access and reduce service costs, facilitating cross-border trade and investment [2] - The digital renminbi will adopt a mixed currency model, incorporating both account-based and value-based approaches to meet diverse economic needs [2] - The digital renminbi has demonstrated capabilities as a programmable currency, allowing for digital contracts and automated execution [2] Group 3: Current Performance Metrics - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan [3] - The digital renminbi app has opened 230 million personal wallets, with 18.84 million unit wallets established [3] - The multi-central bank digital currency bridge has processed 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital renminbi accounting for about 95.3% of the transaction volume [3]

Core Insights - The People's Bank of China has officially released an action plan to strengthen the management and service system of digital RMB, with a new framework set to launch on January 1, 2026 [1][3] Group 1: Policy and Regulatory Developments - The release of the action plan is part of a broader strategy by the central bank to address global challenges related to central bank digital currencies (CBDCs) [3] - The Deputy Governor of the People's Bank of China highlighted four major challenges facing CBDCs, including the impact of modern digital payment tools on monetary control and the balance between central bank liabilities and commercial bank responsibilities [3] Group 2: Market Potential and Application - As of November 2025, digital RMB has processed 3.48 billion transactions amounting to 16.7 trillion yuan, with significant growth in user wallets [4] - The digital RMB has established a dominant position in cross-border payments, handling 4,047 transactions worth approximately 387.2 billion yuan, accounting for 95.3% of transaction volume in a multilateral CBDC bridge project [4] Group 3: Industry Growth and Investment Opportunities - The digital currency industry is experiencing a surge, with 74,600 new blockchain-related companies registered in 2025, indicating a robust ecosystem supporting digital RMB [5] - Capital markets have reacted positively, with significant stock price increases in companies involved in the digital currency sector following the announcement of favorable policies [5] - Analysts suggest that the digital RMB is evolving beyond a payment tool into a strategic asset that integrates finance, technology, and data, with potential applications in smart contracts and supply chain finance [6]

人民银行副行长陆磊在12月29日的《金融时报》上撰文指出，《行动方案》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（Digital Deposit Money）时代。 12月29日，记者从中国人民银行了解到，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》（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。数字人民币未来将如何影响我们的生活？江 苏数字人民币发展现状如何？一起来看看。 数据显示，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。多边央行数字货币桥 （mBridge）累计处理跨境支付业务4047笔，累计交易金额折合人民币3872亿元，其中数字人民币在各 币种交易额占比约95.3%。 随着2008年国际金融危机爆发，数字资产、加密货币和新型支付工具层出不穷。这既是经济数字化、智 能化在金融领域的客观反映，也带来了影子银行、金融脱媒等一系列微观宏观金融风险挑战 ...

Core Viewpoint - The People's Bank of China and eight other departments have issued an opinion to enhance financial support for the construction of the Western Land-Sea New Corridor, optimizing the cross-border trade settlement system and expanding the use of the Renminbi in cross-border transactions [1][2]. Group 1: Financial Support Measures - The opinion outlines 21 key measures to improve the financial organization collaboration system, establish a high-quality capital circulation system, promote institutional reforms, build a digital financial service platform, enhance financial openness and cooperation, and deepen cross-provincial and cross-border financial regulatory collaboration [1]. - The financial service system for the Western Land-Sea New Corridor will be comprehensively improved, and the cross-border trade settlement system will be optimized [1]. Group 2: Cross-Border Trade and Currency Use - The opinion supports qualified banks to facilitate legitimate trade settlements for quality enterprises, including market procurement and cross-border e-commerce [2]. - To expand the use of the Renminbi, the opinion emphasizes strengthening bilateral currency cooperation with Southeast Asia and Central Asia, and supports investors from ASEAN countries to invest in Renminbi [2]. Group 3: Digital Currency Development - The opinion highlights the advantages of digital Renminbi, such as payment and settlement capabilities, low costs, and programmability, and suggests exploring its application in various scenarios [2]. - There is a focus on expanding the regions for cross-border applications of digital Renminbi and utilizing bilateral and multilateral cross-border business models to reduce costs and increase efficiency in corridor cross-border payments [2]. Group 4: Investment Insights - The Western Land-Sea New Corridor is seen as a significant international logistics channel that will facilitate the expansion of Renminbi usage and present new opportunities for digital Renminbi [3]. - Attention is recommended for related industry chains, including banking IT systems, payment ecosystems, hardware wallets, and financial equipment infrastructure [3].