digihuman(BJ:835670) Huan Qiu Wang·2025-12-29 09:38Core 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]