在支付格局中定位中央银行数字货币（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry under discussion. Core Insights - The report emphasizes the importance of Central Bank Digital Currency (CBDC) in the evolving payments landscape, highlighting its potential to complement existing payment systems like fast payment systems (FPS) and e-money, while addressing issues such as financial inclusion and payment efficiency [12][30][41]. Summary by Sections 1. Introduction - The report discusses the comparative analysis of retail CBDC, FPS, and e-money, emphasizing the need for central banks to consider their specific payment landscapes and objectives when exploring these options [12][14]. 2. Understanding Retail Payment Systems - It outlines the functionalities and features of various payment systems, including e-money, FPS, and CBDC, and describes their core components: instrument, infrastructure, and scheme [16][19]. 3. CBDC's Role in an Evolving Payments Landscape - The report identifies emerging trends in the payments landscape, such as the decline of cash usage and the rise of private digital payment networks, which pose risks to the efficiency and resilience of payment systems [30][31][39]. 4. Implementing a Strategy - It discusses the strategies central banks can adopt to explore CBDC, considering practical constraints such as legal, regulatory, and resource limitations [12][14][41]. 5. Concluding Thoughts - The report concludes that a holistic approach is necessary for central banks to navigate the complexities of the payment landscape, ensuring that CBDC can effectively support their policy objectives [12][14][41].