数字人民币迎升级 明年1月1日起将计付利息

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, transitioning from a cash-based model to a deposit currency model starting January 1, 2026 [1][2] Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) will implement a new management and operational framework for digital renminbi, marking the shift to a deposit currency era [1] - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [1][2] - Digital renminbi deposits will be covered by deposit insurance, providing a guarantee of up to 500,000 yuan in case of bank risks [1] Group 2: Impact on Commercial Banks - The transition to a deposit model will align the responsibilities and incentives of commercial banks, allowing them to engage in asset utilization and money creation [2] - Commercial banks will be able to earn stable income from the digital renminbi as it will be counted as part of their liabilities [2] Group 3: Operational Framework - The digital renminbi will be managed under a reserve requirement framework, with balances in digital wallets contributing to the reserve base [2] - Currently, there are 10 designated operating institutions for digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [3]