数字人民币迎升级 明年1月1日起将计付利息 新一代数字人民币计量框架、管理体系、运行机制和生态体系将实施

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, officially launching on January 1, 2026, marking a transition from a cash-based to a deposit currency model [1][2]. Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) has announced a new management and operational framework for the digital renminbi, transitioning it to a deposit currency model [1]. - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [2][4]. - The digital renminbi will be included in the deposit insurance scheme, providing a maximum compensation limit of 500,000 yuan for depositors in case of bank risks [1]. Group 2: Implications for Commercial Banks - The transition to a deposit currency will align the digital renminbi with traditional deposits, enabling commercial banks to engage in asset utilization and monetary creation, thus generating stable income sources [2]. - The operational framework mandates that banks adhere to self-regulated interest rate pricing for digital renminbi wallets, referencing their current demand deposit rates [4]. Group 3: Public Benefits - Starting January 1, 2026, the balances in real-name digital renminbi wallets will earn interest, benefiting the public [3]. Group 4: Operational Framework and Institutions - The digital renminbi will be managed under a reserve requirement system, with participating banks required to include digital renminbi balances in their reserve calculations [4]. - Currently, there are 10 designated operational institutions for the digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [4].