2026年1月1日起 数字人民币将产生利息

Core Viewpoint - The digital renminbi will start accruing interest from January 1, 2026, marking a significant transition from cash-type version 1.0 to deposit currency-type version 2.0, as outlined in the action plan by the People's Bank of China [1][2] Group 1: Transition to Deposit Currency - The digital renminbi will now have the same legal and economic attributes as regular bank deposits, allowing for interest payments on user balances [2] - Initially, interest will be calculated based on the current deposit interest rate, while anonymous wallets will not earn interest due to the inability to identify the account holder [2] Group 2: Financial Services Alignment - Financial services associated with digital renminbi will increasingly resemble those of traditional deposits, expanding beyond cash usage limitations [2] - The safety of digital renminbi will be backed by deposit insurance funds, enhancing user confidence [2] Group 3: Bank Incentives and Sustainability - Banks will have the opportunity to manage digital renminbi as part of their balance sheets, creating profit incentives and encouraging the provision of diverse financial products [2][3] - The new framework will ensure that banks can generate revenue from digital renminbi operations, promoting long-term sustainability [3] Group 4: Macro Financial Stability - The transition to version 2.0 will help prevent financial disintermediation risks and enhance macroeconomic stability by integrating digital renminbi into the reserve requirement system [3] - Previously, digital renminbi existed in M0 form, requiring a 100% reserve ratio, which limited liquidity; now, it will be classified under M1 or M2, allowing for more flexible reserve requirements [3] Group 5: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they lack the qualifications to conduct deposit business and cannot create money [4]