digihuman(BJ:835670) Guo Ji Jin Rong Bao·2026-01-17 12:52Core Viewpoint - The announcement by major Chinese banks regarding interest payments on digital RMB wallets marks a significant upgrade in the functionality of digital RMB, transitioning it from "digital cash" to "digital deposit currency" [1] Group 1: Transition to Digital Deposit Currency - Digital RMB is evolving from a central bank liability (M0) to a commercial bank liability, indicating a profound institutional change and enhancing its core functions such as value measurement, value storage, and payment methods [1] - The transition allows for a broader application of digital RMB across various sectors, including wholesale retail, public services, social governance, and cross-border settlements [1] Group 2: Role of Commercial Banks - Commercial banks will become the main service and responsibility entities for digital RMB, allowing them to use digital RMB deposits for lending activities, thus increasing their engagement in digital RMB operations [2] - This change enables digital RMB to be included in asset-liability management, addressing previous challenges of "only investment, no return" and potentially increasing the scale of digital RMB deposits [2] Group 3: Competitive Advantage and User Engagement - The dual nature of digital RMB as both a payment and savings tool enhances its competitive edge against third-party payment platforms like WeChat Pay and Alipay, encouraging more users to adopt digital RMB [3] - Interest payments on digital RMB wallets will automatically accrue, making it attractive for users to transfer cash or third-party payment balances into digital RMB wallets, thereby improving fund utilization efficiency [3] Group 4: Security and Regulatory Framework - Digital RMB wallet balances will be covered by the deposit insurance system, significantly enhancing the security of funds held in digital RMB wallets and alleviating public concerns [4] - China becomes the first major economy to offer interest on central bank digital currency, reinforcing its international leadership in the digital currency space and facilitating its integration into global payment systems [4] Group 5: Future Developments and Legislative Needs - To fully realize the potential of digital RMB, there is a need to expedite legislative processes to clarify its legal status and attributes as a legal currency [5] - Expanding pilot programs and encouraging widespread participation are essential for achieving nationwide adoption and enhancing the functionality of digital RMB [5]