数字货币全球博弈升级，人民币飞跃新关口｜《财经》封面

Core Viewpoint - The implementation of the interest mechanism for digital renminbi marks a historic transition from "digital cash" to "digital deposits," indicating a significant evolution in China's monetary system and paving the way for a new era in the digital economy [2][3][4]. Group 1: Transition to Digital Deposits - The digital renminbi's interest mechanism officially launched on January 1, 2026, signifying a qualitative change in China's central bank digital currency, moving into a 2.0 era [3][4]. - The core breakthrough of the action plan is the redefinition of the value attributes of digital renminbi, requiring banks to pay interest on customer balances in digital renminbi wallets [4][5]. - This transition allows commercial banks to manage digital renminbi wallet balances as liabilities, fundamentally changing the previous limitations of digital renminbi's functionality [4][5]. Group 2: Institutional Framework and Management - The action plan establishes a new measurement framework and management system for digital renminbi, integrating it into the reserve requirement system [16][20]. - Digital renminbi wallets will be treated as bank liabilities, allowing for a transition from M0 (cash) to M1 (narrow money), with potential future inclusion in M2 (broad money) [4][16]. - The digital renminbi will now be subject to deposit insurance, providing the same security as traditional deposits [20]. Group 3: Commercial Bank Engagement - Commercial banks are expected to upgrade their systems to incorporate digital renminbi into existing business frameworks, enhancing the integration of digital renminbi into financial products [5][6]. - The number of digital renminbi operating institutions is anticipated to expand, with more commercial banks likely to join the current ten institutions [6][29]. - The digital renminbi's interest feature is expected to stimulate innovation in financial products, allowing for a blend of convenience and yield [18][20]. Group 4: Cross-Border and B2B Applications - The digital renminbi is being actively integrated into cross-border payment systems, with successful pilot projects already completed [10][11]. - Future applications are expected to focus on B2B scenarios, enhancing the utility of digital renminbi in corporate payments and supply chain financing [28][29]. - The digital renminbi's role in internationalization is emphasized, with its cross-border applications seen as a key component of building a robust cross-border payment system [36]. Group 5: Global Context and Competitive Landscape - The divergence in digital currency paths between China and the U.S. highlights differing approaches to monetary sovereignty and financial governance [31][34]. - The U.S. is moving towards a private sector-led stablecoin model, while China is firmly committed to a central bank digital currency approach [31][32]. - The ongoing evolution of digital currencies is expected to reshape the international monetary system, with implications for global economic dynamics [34][37].