将从“数字现金时代”迈入“数字存款货币时代”

Core Viewpoint - The digital renminbi is transitioning from the "digital cash era" to the "digital deposit currency era," with a new management and service framework set to be implemented on January 1, 2026 [1][13]. Group 1: Key Features of the Action Plan - The digital renminbi wallet balances will earn interest, currently at the rate of demand deposits [2][4]. - The new framework allows banks to manage digital renminbi wallet balances autonomously, with deposit insurance providing equivalent safety to traditional deposits [2][8]. - The transition from central bank liabilities to commercial bank liabilities enhances the motivation for financial institutions to innovate [2][6]. Group 2: Systematic Changes and Upgrades - The core upgrade involves multiple enhancements in currency attributes, management models, infrastructure, and incentive mechanisms [3][7]. - The digital renminbi will now be classified as a commercial bank liability, allowing it to earn interest and thus increasing user motivation to hold it [4][12]. - The new system is designed to support various technological innovations and better meet diverse scenario demands [7][12]. Group 3: Rationale Behind the Changes - The changes address challenges posed by modern digital payment tools to central bank monetary control and the risks of financial disintermediation [5][8]. - The previous lack of interest on digital renminbi holdings diminished user motivation, which the new plan aims to rectify [5][8]. - The transition to a commercial bank liability structure is expected to enhance the integration of digital renminbi into the existing financial system [5][12]. Group 4: Optimization of the Dual-Layer Architecture - The action plan optimizes the dual-layer architecture, clarifying responsibilities between the central bank and commercial banks [9][10]. - The central bank will set business rules and technical standards, while commercial banks will manage customer wallets and ensure compliance [9][10]. - This structure aims to balance innovation and stability, ensuring the continuity of the monetary system while facilitating digital payment innovations [9][10]. Group 5: Regulatory and Measurement Framework - The action plan establishes a measurement framework for digital renminbi, integrating it into the reserve requirement system [11][12]. - Digital renminbi wallet balances will be classified according to liquidity, aligning them with traditional monetary systems [11][12]. - This integration is expected to enhance macroeconomic control effectiveness and improve the attractiveness of digital renminbi for users [12].