中金：从“现金”到“存款”，数字人民币迈入2.0时代

Core Viewpoint - The People's Bank of China (PBOC) will implement a new generation of digital RMB (e-CNY) framework starting in 2026, transitioning from digital cash to digital deposit currency, which will enhance its role in financial infrastructure and broaden its application scenarios [1][5]. Group 1: Transition from 1.0 to 2.0 - Digital RMB 1.0 was primarily a cash-like payment instrument (M0) and did not pay interest, designed to avoid direct competition with bank deposits [7]. - The upgrade to Digital RMB 2.0 will shift its positioning to a deposit currency (M1), allowing it to generate "currency derivation capacity" and providing deposit insurance similar to traditional bank deposits [3][4]. - The transition is driven by the need for a mechanism that aligns rights and responsibilities, as well as the acceleration of international monetary order restructuring in 2025 [2][11]. Group 2: Key Features of Digital RMB 2.0 - Digital RMB 2.0 introduces an interest-bearing mechanism for real-name wallets, while anonymous wallets will not earn interest [4]. - The requirement for banks to hold 100% reserves for digital RMB wallets will be replaced by a system that allows banks to manage these balances as part of their asset-liability operations [4][8]. - The new framework will enable banks to offer a wider range of financial products, transforming digital RMB from a cost center to a commercially viable liability [11] . Group 3: Application Scenarios and Technological Empowerment - Digital RMB 2.0 will expand its application scenarios beyond retail payments to include cross-border transactions, smart contracts, and various financial management solutions [5][6]. - The integration of "smart contracts" will facilitate automatic execution and targeted settlement in cross-border trade, enhancing the efficiency and security of fund flows [6][7]. - Specific use cases include labor protection in construction through "digital work orders," enterprise financial solutions, and government administrative payments [5]. Group 4: Internationalization and Competitive Advantage - The digital RMB's cross-border payment platform, "Shubida," will significantly reduce transaction costs and settlement times, enhancing the competitiveness of the RMB in international payments [6][7]. - The PBOC's proactive approach positions digital RMB as a leader in the global central bank digital currency (CBDC) landscape, with 85% of surveyed central banks exploring CBDCs [7][8]. - The upgrade is expected to leverage first-mover advantages to support the internationalization of the RMB and integrate deeper into the global payment system [7].