数字人民币“入表”与“出师”

Core Insights - Starting from January 1, 2026, digital renminbi (e-CNY) will begin to accrue interest, marking a significant shift in its functionality and regulatory status [1][2] - The introduction of interest on digital renminbi signifies its formal inclusion in the regulatory and banking asset framework, enhancing its credibility and usability in both domestic and international contexts [1][3] Group 1: Institutional Upgrades - The interest-bearing feature serves as an incentive mechanism, transitioning digital renminbi from a "cash-like" to a "deposit-like" asset, encouraging users to retain funds [2] - Digital renminbi's inclusion in the deposit insurance system provides a clear institutional backing for its safety, moving beyond mere verbal assurances [2] - The emergence of digital renminbi as a deposit-like asset will necessitate a re-evaluation of monetary statistics and reserve requirements, posing significant governance challenges [2] Group 2: Cross-Border Expansion - The cross-border strategy for digital renminbi relies on a combination of interfaces, rules, and scenarios, emphasizing the importance of clear settlement paths and compliance [3] - As of November 2025, digital renminbi has processed 3.48 billion transactions worth 16.7 trillion yuan, with a significant portion of cross-border payments facilitated through the mBridge project [3] - Despite the progress, the mBridge platform is not yet a viable alternative to the SWIFT system, indicating that its adoption will be gradual and context-specific [3][4] Group 3: Future Outlook - The digital renminbi is positioned to evolve into a systematic product that is replicable, governable, auditable, and accessible, moving beyond mere technological competition [5] - The internationalization of the renminbi is shifting from a theoretical discussion to a practical consideration for many institutions, as it becomes a credible infrastructure option [5] - The introduction of interest on digital renminbi represents a pivotal moment in its development, potentially transforming it into a fully functional currency with time-based incentives [6]