数字人民币计息时代来了

Core Viewpoint - The article discusses the transition of digital renminbi from a cash-based system to a deposit currency system, with the implementation of a new management and service framework starting January 1, 2026, which will allow interest to be paid on digital renminbi wallet balances [3][5]. Group 1: Digital Renminbi Framework - The People's Bank of China has introduced an action plan that outlines a new measurement framework for digital renminbi, transitioning from a cash-based model to a deposit currency model [3][5]. - Under the new framework, banks will pay interest on customer digital renminbi wallet balances based on their respective current deposit rates, enhancing the appeal of digital renminbi for users [5][6]. - This change will allow digital renminbi to be treated as a liability of commercial banks, integrating it into their balance sheets and enabling banks to manage these assets actively [5][9]. Group 2: Interest Payment Mechanism - The interest payment on digital renminbi wallets will be linked to account real-name verification, reflecting a principle of rights and responsibilities [6][9]. - Users seeking higher anonymity will have to forgo some interest earnings, while those who wish to earn interest must disclose more information [6][7]. - The new interest-bearing feature is expected to encourage users to transfer funds into digital renminbi wallets, thus promoting its adoption [7][10]. Group 3: Impact on Banking Sector - The transition to a deposit currency model is anticipated to motivate commercial banks to engage more actively in the digital renminbi ecosystem, shifting their role from cost centers to profit centers [10][11]. - This change will enhance banks' asset-liability management capabilities regarding digital renminbi, allowing them to benefit from the associated financial activities [10][11]. - The new framework aims to resolve potential financial disintermediation risks and stimulate banks' participation in the digital currency landscape [9][11]. Group 4: Global Positioning and Challenges - The adjustment in the digital renminbi framework is expected to expand its usage scenarios and solidify China's leading position in the global central bank digital currency (CBDC) exploration [11][12]. - As of November 2025, digital renminbi has processed 3.48 billion transactions worth over 16.7 trillion yuan, indicating growing market acceptance [11]. - The article highlights common challenges faced by global CBDC developments, including the impact of modern digital payment tools on monetary control and the need for a clear division of responsibilities between central banks and commercial banks [11][12]. Group 5: Future Developments - Future trials of digital renminbi will shift from regional to scenario-based testing, with a gradual nationwide rollout expected [13][14]. - The operational scope for institutions will expand under controlled risks, ensuring fair competition and comprehensive service coverage [14][15]. - The infrastructure of digital renminbi is positioned to better serve the real economy and support cross-border trade settlements, aligning with the strategy for renminbi internationalization [15].