Guo Ji Jin Rong Bao·2026-01-09 10:00Core Viewpoint - The transition of digital renminbi from cash-type 1.0 version to deposit currency-type 2.0 version will allow for interest payments on real-name digital renminbi wallet balances, aligning with bank demand deposit rates, thus enhancing its appeal and functionality in the financial system [1][8][12]. Group 1: Changes in Digital Renminbi - Starting January 1, 2026, real-name digital renminbi wallet balances will earn interest based on the bank's demand deposit rates, with interest calculated quarterly [1][8]. - The new deposit currency-type 2.0 version will include a "safety net" where commercial banks will manage digital renminbi wallets, ensuring customer security and compliance with regulations [8][9]. - The People's Bank of China has introduced a digital management service framework that emphasizes an "account system + currency string + smart contracts" approach to enhance the digital renminbi ecosystem [9][10]. Group 2: Impacts of the Transition - The shift to deposit currency-type 2.0 version positions China as a leader in central bank digital currency (CBDC) by allowing digital renminbi to integrate more easily into global interbank payment systems [12][13]. - The digital renminbi will improve data flow and information exchange, enhancing the precision and effectiveness of monetary policy transmission [12]. - The transition will provide users with cash-like convenience, such as offline payments and real-time settlements, while banks will gain asset-liability management rights, stimulating participation in the digital renminbi ecosystem [12][13]. Group 3: Recommendations for Future Development - It is suggested to expand the regulatory framework for digital renminbi, clarify its legal status, and broaden the pilot scope nationwide to encourage public participation [13]. - There is a call for accelerating the coverage of all scenarios and enhancing functional innovations to optimize the digital renminbi ecosystem [13].