广发证券：数字人民币迈入2.0时代

Core Viewpoint - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability to a commercial bank liability, allowing it to earn interest and be included in reserve requirements and deposit insurance systems [1] Group 1: Digital Renminbi Development - The People's Bank of China has issued an action plan to strengthen the management service system and related financial infrastructure for digital renminbi [1] - The new generation of digital renminbi is characterized as a digital deposit currency, marking a significant shift from M0 to M1 [1] Group 2: Global CBDC Trends - Global developments in Central Bank Digital Currencies (CBDCs) show three distinct trends: 1. Active development and implementation of retail CBDCs to anchor monetary sovereignty and payment autonomy, with China, the EU, and Russia as typical representatives [1] 2. Focus on payment system innovation to replace retail CBDC issuance, while advancing wholesale CBDC and cross-border collaboration, represented by the UK, Canada, and Japan [1] 3. Delaying or prohibiting CBDC advancement, with the US taking a particularly conservative stance due to concerns over the impact of a digital dollar on the global demand for physical dollars and its implications for international financial status [1]