【讲座回顾】北大数字金融Workshop第十二讲 | Haoxiang Zhu：数字货币、银行间竞争与货币政策传导

Core Insights - The workshop focused on how Central Bank Digital Currency (CBDC) impacts the efficiency of monetary policy transmission and inter-bank competition [1][3][30] Group 1: CBDC Characteristics and Impact - CBDC is introduced through commercial banks, offering depositors and borrowers interest-bearing accounts, and is managed by commercial banks, distinguishing it from stablecoins due to its direct liability to the central bank, which eliminates default risk [3][11] - The introduction of CBDC can set a lower limit on deposit interest rates, potentially increasing them and reducing their sensitivity to central bank rates due to market share differentiation among banks [3][25] - CBDC enhances competition by allowing smaller banks to offer greater convenience, thus leveling the playing field against larger banks, which can lead to a convergence in market shares and increased sensitivity of deposit rates to central bank rates [3][30] Group 2: Bank Behavior and Market Dynamics - Smaller banks respond more sensitively to changes in central bank rates, adjusting deposit rates more quickly in rising rate environments, which allows them to compete effectively with larger banks [5][21] - A model presented by Professor Zhu illustrates that larger banks have a competitive advantage in deposit markets due to their convenience, allowing them to set lower deposit rates while still maximizing expected returns [8][21] - The introduction of CBDC allows users to transfer funds easily, addressing the convenience gap faced by smaller banks and imposing a lower bound on the deposit rates set by larger banks [25][26] Group 3: Research and Discussion - The workshop featured discussions on the theoretical design and practical applications of digital currencies, with insights from prominent figures in the field, including Professor Yi Gang, former governor of the People's Bank of China [32] - The event concluded the spring semester's digital finance workshop series at Peking University, highlighting the ongoing academic interest in digital finance and its implications for monetary policy and banking competition [32][35]