享活期利息，数字人民币计息时代来临！货币层次扩展，丰富银行生态

Core Viewpoint - The digital renminbi is transitioning from a cash-based currency to a deposit currency, allowing interest to be paid on customer wallets by banks starting January 1, 2026, as per the People's Bank of China's action plan [2][3][4]. Group 1: Digital Renminbi Transition - The new framework will enable banks to pay interest on customer digital renminbi wallet balances, aligning with the bank's current savings account interest rates [2][3]. - This shift from M0 (cash) to a deposit currency (2.0 version) will enhance the willingness of individuals and markets to use digital renminbi [2][3][4]. - The digital renminbi will now be treated as a liability of commercial banks, integrating it into their balance sheets and allowing for better asset-liability management [3][7][8]. Group 2: Interest Payment Mechanism - Interest on digital renminbi will be linked to the bank's current deposit rates, ensuring compliance with deposit rate pricing self-discipline agreements [4][5]. - The funds will be protected by deposit insurance, addressing user concerns about the safety of their funds [4]. - Users seeking higher anonymity will have to forgo some interest earnings, reflecting a balance between privacy and financial benefits [4]. Group 3: Impact on Banking Sector - The new system is expected to motivate banks to actively promote digital renminbi, transforming their role from cost centers to profit centers [8][9]. - The adjustment will allow banks to manage digital renminbi assets more effectively, enhancing their participation in the digital currency ecosystem [7][8]. - The transition is anticipated to resolve financial disintermediation risks and stabilize bank liabilities [7][9]. Group 4: Regulatory Framework - The action plan establishes a "separation of management and operation" principle, creating a digital renminbi management committee for regulatory oversight [11][12]. - Two operational centers will be responsible for domestic and cross-border digital renminbi systems, ensuring safety and continuity [11][12]. - Future pilot programs will shift from geographic to scenario-based trials, with an expansion of operational institutions based on risk management capabilities [12].