央行数字货币与金融稳定：资产负债表分析与政策选择（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry under analysis Core Insights - The issuance of retail central bank digital currencies (CBDCs) has significant implications for financial stability, which depend on the size of issuance, initial conditions, and banking sector reactions [13][25] - Adverse effects on financial stability can arise primarily when CBDCs replace deposits rather than cash, particularly if banks do not hold excess reserves [15][30] - The design of CBDCs is crucial; features that promote their use as a means of payment rather than a store of value can mitigate risks [21][33] Summary by Sections Executive Summary - The paper evaluates the financial stability implications of issuing retail CBDCs and emphasizes the need for policy measures to mitigate potential adverse impacts [13][25] Potential Benefits of Retail CBDC - CBDCs can reduce cash handling costs, foster financial inclusion, improve payment infrastructure, maintain monetary sovereignty, and reduce risks from private stablecoins [39][43][44] CBDC Issuance Scenarios - The report outlines various scenarios for CBDC issuance and their impact on financial sector balance sheets, highlighting that the effects depend on the amount of CBDC issued and the existing balance sheet conditions [52][54] Policy Options to Mitigate Adverse Effects - Central banks can employ macroprudential policies, expand lending operations, and design CBDCs to minimize financial stability risks [17][32][35]