digihuman(BJ:835670) Sou Hu Cai Jing·2026-01-01 06:01Core Viewpoint - The introduction of interest-bearing digital renminbi marks a significant transformation in China's digital currency landscape, transitioning from a cash-like version to a deposit currency model, reflecting an irreversible trend towards the widespread adoption of digital currencies [1][8] Economic Perspective - The interest mechanism establishes a market foundation for the digital renminbi, addressing previous challenges in its promotion, as it now offers value storage attributes similar to traditional banking [3] - The policy allows digital renminbi balances in commercial banks to earn interest, incentivizing users to actively choose digital wallets, thus enhancing payment scenarios [3] - The integration of digital renminbi into the reserve system and macro-prudential assessment framework improves its adaptability for macroeconomic control, ensuring regulated monetary creation and enhancing the efficiency of monetary policy transmission [4] Social Perspective - The proliferation of digital renminbi is fundamentally reshaping the payment ecosystem and enhancing governance efficiency, with the interest policy accelerating its social penetration [5] - As of November 2025, digital renminbi has processed 3.48 billion transactions worth 16.7 trillion yuan, with significant user adoption across various sectors, indicating its comprehensive coverage [5] - The dual attributes of "security + value addition" will reduce resistance to digital payments among older demographics and underserved markets, promoting inclusive digital finance [5] Global Context - The shift to an interest-bearing digital renminbi aligns with global trends in central bank digital currencies (CBDCs), positioning China as a leader in this space with a significant share in cross-border applications [6] - Compared to other countries' CBDC initiatives, China's digital renminbi has evolved from a payment tool to a complete monetary function carrier, providing a model for global CBDC development [6] Strategic Implications - The transition to an interest-bearing digital renminbi is part of a broader strategy to enhance market vitality, optimize regulatory frameworks, and lead in global monetary reform [8] - Embracing digital technology and continuously improving the technical, institutional, and ecological systems will ensure that the digital renminbi becomes a core support for China's digital economy and a competitive player in the global financial landscape [8]