加快推进数字人民币发展

Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of the digital renminbi, marking a significant shift from a cash-based model to a deposit currency model, effective January 1, 2026 [1][5]. Group 1: Digital Renminbi Development - China is one of the earliest countries to initiate central bank digital currency (CBDC) research, with the digital renminbi undergoing over ten years of development and achieving significant progress, including 3.48 billion transactions totaling 16.7 trillion yuan by November 2025 [3]. - The digital renminbi has expanded its application scenarios, covering retail payments and gradually moving into wholesale and cross-border payments, with 95.3% of cross-border payment transactions processed using digital renminbi [3][4]. Group 2: Transition to Digital Currency 2.0 - The transition from a cash-based digital currency (1.0 version) to a deposit currency (2.0 version) will allow users to earn interest on their digital renminbi wallet balances, enhancing user engagement and promoting broader acceptance among merchants [5][7]. - The new model positions digital renminbi as a liability of commercial banks rather than the central bank, which will incentivize banks to promote its use and develop related financial products [6][7]. Group 3: Regulatory and Legal Framework - There is a need to establish a clear legal framework for digital renminbi, including amendments to existing laws to define its status as legal tender and clarify the rights and responsibilities of all parties involved [9][10]. - The digital renminbi will be integrated into the regulatory framework for reserve requirements and interest rates, which will help mitigate risks associated with financial disintermediation and shadow banking [8]. Group 4: Future Recommendations - Recommendations include expanding the pilot program nationwide, enhancing user incentives, and increasing the variety of application scenarios to ensure comprehensive coverage in both online and offline environments [10][11]. - Strengthening international cooperation and governance in digital finance will enhance China's influence in global discussions on CBDC standards and regulations [11].