2 1 Shi Ji Jing Ji Bao Dao·2025-12-31 11:49Core Viewpoint - The digital renminbi will officially end its "interest-free era" as major state-owned banks announce that starting January 1, 2026, the balance in real-name digital renminbi wallets will earn interest based on the current deposit rate [1][4][5]. Group 1: Digital Renminbi Interest Policy - Six major state-owned banks, including ICBC, ABC, BOC, CCB, Bank of Communications, and Postal Savings Bank, will implement interest payments on digital renminbi wallet balances according to the current deposit rate [1][4]. - The interest payment policy is a result of the People's Bank of China's recent action plan aimed at enhancing the management and service system for digital renminbi [4][5]. - The new interest mechanism marks the transition of digital renminbi from a "digital cash" to a "digital deposit currency" [5][8]. Group 2: Digital Renminbi Overview - Digital renminbi is a legal digital currency issued by the People's Bank of China, applicable in various scenarios such as transportation, dining, shopping, and public services [6]. - The pilot program for digital renminbi has expanded from select cities to entire provinces, with applications in both consumer and governmental sectors [6]. - As of November 2025, digital renminbi has processed 3.48 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets opened [7]. Group 3: Future Implications of Interest Payments - The introduction of interest payments changes the liability nature of digital renminbi, making it a liability of commercial banks rather than the central bank, thus aligning it more closely with traditional bank deposits [8]. - This shift is expected to enhance the monetary elasticity of digital renminbi, allowing it to support credit activities and deposit expansion mechanisms [8]. - The future digital renminbi will be a modern digital payment and circulation tool, regulated by the central bank and possessing attributes of commercial bank liabilities [8].