“双中心”架构落地！数字人民币功能定位有望延伸

Core Insights - The People's Bank of China (PBOC) is enhancing the digital yuan's operational framework with the establishment of a Digital Currency Operations Management Center in Beijing, following the launch of the International Operations Center in Shanghai [1][4][5] - The digital yuan ecosystem has been gradually built since 2014, with pilot programs expanding to 26 regions across 17 provinces, accumulating a transaction volume of 14.2 trillion yuan and 3.32 billion transactions by September 2025 [2] - Experts suggest that the current M0 designation of the digital yuan limits its functionality, advocating for a shift towards M1 and M2 designations to enhance its role as a legal tender [1][7][8] Digital Yuan Ecosystem Development - The digital yuan has undergone a decade of development, including theoretical research, closed testing, and open pilot programs, leading to a comprehensive ecosystem with applications in various sectors such as retail, education, and public services [2] - The digital yuan has established a replicable application model that spans from individual consumer scenarios to corporate services and government functions [2] Cross-Border Payment Solutions - The digital yuan provides innovative solutions for cross-border payment systems, establishing a multilateral cooperation model and a bilateral system supported by a digital payment platform and blockchain services [3] - The PBOC's principles of "no loss, compliance, and interoperability" serve as foundational guidelines for the cross-border infrastructure of legal digital currencies [3] Dual-Center Structure - The Digital Currency Operations Management Center and the International Operations Center complement each other, creating a structured and coordinated organizational framework for the digital yuan [5][6] - The Operations Management Center focuses on domestic infrastructure and ecosystem development, while the International Operations Center emphasizes cross-border cooperation and application [6] Future Directions for Digital Yuan - The PBOC plans to optimize the management system of the digital yuan and explore its positioning within the monetary hierarchy, moving beyond the current M0 designation [1][7] - Experts recommend allowing commercial banks to use digital yuan as bank liabilities for loans and investments, which could enhance the currency's circulation and align it with traditional monetary mechanisms [8]