中国人民银行已出台数字人民币行动方案

Core Viewpoint - The People's Bank of China has introduced an action plan to strengthen the management and service system of the digital renminbi, marking a transition from a pilot phase to a systematic and standardized approach, set to be implemented on January 1, 2026 [2][14]. Strategic Background - The development of digital renminbi aligns with national strategies and economic needs, as outlined in the 14th Five-Year Plan, emphasizing the need for a robust financial system and the gradual advancement of digital currency [3][14]. - The global competition in central bank digital currencies (CBDCs) is intensifying, with 81% of surveyed central banks either having issued or planning to issue CBDCs, highlighting the urgency for China to respond to domestic and international monetary trends [3][14]. Core Breakthroughs - The action plan achieves multiple breakthroughs in the positioning, operational structure, and technological routes of digital renminbi, establishing a framework that balances security and innovation [4][5]. Positioning Upgrade - The digital renminbi will be recognized as a modern digital payment and circulation tool with the liability attributes of commercial banks, clarifying the responsibilities between the central bank and commercial banks [5][21]. - The digital renminbi will serve three core functions: as a measure of value, a store of value, and for cross-border payments, enhancing its adaptability to the diverse needs of the real economy [5][21]. Structural Optimization - The action plan optimizes the "central bank-commercial institution" dual-layer operational system, establishing a unified management framework [6][23]. - Measures are in place to prevent financial disintermediation and shadow banking risks, including integrating digital renminbi wallet balances into reserve requirements and implementing a 100% reserve requirement for non-bank payment institutions [7][24]. Technological Integration - The digital renminbi adopts a hybrid model combining "account + blockchain" to meet diverse scenario requirements, ensuring effective management and compliance while leveraging blockchain's efficiency in specific contexts [8][26]. - The plan includes upgrading the existing account system and promoting the application of smart contract technology, enhancing service capabilities in various financial scenarios [9][27]. Practical Foundation - The implementation of the action plan is supported by a decade of pilot practices, with significant achievements in transaction volume and application scenarios, demonstrating the feasibility and adaptability of the digital renminbi [10][17]. Risk Prevention - A comprehensive risk prevention system is established, emphasizing a separation of management and operational functions to ensure regulatory coverage and system security [11][30]. - The plan includes advancements in regulatory technology and capabilities, utilizing big data and AI to enhance risk identification and management [31]. Deep Impact and Outlook - The action plan's implementation will significantly influence China's financial system, enhance payment efficiency, and lower transaction costs, while also positioning China favorably in the international monetary landscape [12][30]. - The digital renminbi is set to enter a new phase of standardized development, focusing on continuous technological iteration and scenario expansion to support high-quality economic growth [13][30].