digihuman(BJ:835670) 3 6 Ke·2025-10-22 12:05Core Viewpoint - The report suggests that the functional positioning of the digital RMB should be adjusted to enhance its application and competitiveness against non-bank payment wallets like Alipay and WeChat Pay [1][2]. Summary by Sections Current Status and Challenges - As of July 2024, the digital RMB app has opened 180 million personal wallets, with a total transaction amount of 7.3 trillion yuan across 26 regions [1]. - The current M0 positioning limits the digital RMB's functionality, as it cannot earn interest and is subject to a 100% reserve requirement, reducing the incentive for individuals and businesses to use it [2][3]. Recommendations for Adjustment - Zhang Jianhua recommends transitioning the digital RMB from M0 to M1 and M2, allowing it to earn interest and enabling the development of financial products [2][7]. - Four key adjustments are proposed: 1. Explore a partial reserve requirement system, potentially aligning with the current 5%-7.5% statutory deposit reserve ratio [8]. 2. Allow commercial banks to pay interest on balances held in digital RMB wallets, incentivizing users to hold digital RMB [8]. 3. Enable commercial banks to use digital RMB as a liability for loans and investments, facilitating its monetary derivation function [8]. 4. Shift the digital RMB from a retail to a wholesale central bank digital currency, expanding its application in interbank transactions [8]. Future Applications and Infrastructure - The digital RMB is expected to evolve into a fully functional currency, capable of performing all five key monetary functions [10][11]. - A robust infrastructure for clearing and settlement is necessary to support the digital RMB's operations, requiring upgrades to the current statistical systems [11]. - The digital RMB's application is anticipated to expand significantly, particularly in B2B scenarios, such as supply chain management and trade financing [15][16]. Cross-Border Payment Advantages - The digital RMB offers advantages in cross-border payments, such as simultaneous information and funds transfer, reducing costs and increasing efficiency [17][18]. - Two primary models for cross-border payments are identified: the mbridge platform for multilateral cooperation and a bilateral model through local branches of Chinese banks [19]. - The cross-border use of digital RMB is expected to promote the internationalization of the yuan, creating a mutually beneficial relationship [20].