Core Viewpoint - The new generation of digital RMB will officially launch on January 1, 2024, transitioning from a cash-based system to a deposit currency system, allowing for interest payments on digital RMB balances held in banks [1][4]. Group 1: Transition to Deposit Currency - The People's Bank of China has introduced a plan to enhance the management and service system for digital RMB, marking a shift from digital cash to digital deposit currency [1][2]. - This transition will significantly improve the liquidity of digital RMB within the banking system, as it allows for interest accrual on digital RMB held in bank accounts [2][4]. Group 2: Operational Changes - Digital RMB will now be classified as a liability of commercial banks rather than the central bank, indicating a major upgrade from version 1.0 to version 2.0 [3][4]. - Commercial banks will be responsible for the operation, security, and reliability of digital RMB, which will incentivize them to offer more financial services related to digital RMB [4][6]. Group 3: User Experience and Security - The user experience for payments will remain largely unchanged, but the ability to earn interest on digital RMB deposits will be a significant enhancement [5]. - Digital RMB will be supported by the central bank's technology and regulatory oversight, with commercial banks responsible for customer security and compliance, including deposit insurance coverage up to 500,000 RMB [6][7]. Group 4: Implementation and Impact - Since its inception in 2014, the digital RMB has seen successful trials across various sectors, with significant transaction volumes reported, including 34.8 billion transactions totaling 16.7 trillion RMB by November 2025 [7]. - The dual-layer operational system of "central bank-commercial institutions" aims to steadily advance the integration of digital cash and electronic payments into a robust digital currency framework [7].

Core Viewpoint - The digital renminbi will start accruing interest from January 1, 2026, marking a significant transition from cash-type version 1.0 to deposit currency version 2.0, as outlined in the action plan by the People's Bank of China [1] Group 1: Transition to Deposit Currency - The digital renminbi will shift from being classified as cash to being treated as a deposit, changing its status from central bank liabilities to bank liabilities [1] - This upgrade will allow individuals and businesses to earn interest on their digital renminbi wallets, initially at the same rate as current deposit rates [2] - The digital renminbi will be included in banks' balance sheets, enabling banks to manage assets and liabilities more effectively and incentivizing them to offer diverse financial products [2] Group 2: Financial Services and Stability - Financial services associated with digital renminbi will increasingly resemble those of traditional deposits, expanding its usability beyond cash scenarios [2] - The new framework aims to enhance macro-financial stability and mitigate financial disintermediation risks by incorporating digital renminbi into the reserve requirement system [3] - Banks will no longer face a liquidity contraction effect as digital renminbi will be treated as M1 or M2, allowing them to meet reserve requirements similar to regular deposits [3] Group 3: Non-Bank Payment Institutions - Non-bank payment institutions will still be required to maintain a 100% reserve for digital renminbi, as they do not have the qualifications to conduct deposit business and lack the ability to create money [4]

Core Viewpoint - The digital renminbi is set to upgrade with the introduction of an interest-bearing feature, officially launching on January 1, 2026, marking a transition from a cash-based to a deposit currency model [1][2]. Group 1: Digital Renminbi Upgrade - The People's Bank of China (PBOC) has announced a new management and operational framework for the digital renminbi, transitioning it to a deposit currency model [1]. - The digital renminbi will now be treated as a liability of commercial banks, allowing for interest payments on customer balances [2][4]. - The digital renminbi will be included in the deposit insurance scheme, providing a maximum compensation limit of 500,000 yuan for depositors in case of bank risks [1]. Group 2: Implications for Commercial Banks - The transition to a deposit currency will align the digital renminbi with traditional deposits, enabling commercial banks to engage in asset utilization and monetary creation, thus generating stable income sources [2]. - The operational framework mandates that banks adhere to self-regulated interest rate pricing for digital renminbi wallets, referencing their current demand deposit rates [4]. Group 3: Public Benefits - Starting January 1, 2026, the balances in real-name digital renminbi wallets will earn interest, benefiting the public [3]. Group 4: Operational Framework and Institutions - The digital renminbi will be managed under a reserve requirement system, with participating banks required to include digital renminbi balances in their reserve calculations [4]. - Currently, there are 10 designated operational institutions for the digital renminbi, including six state-owned banks, two joint-stock banks, and two internet banks, with plans for expansion [4].

● 本报记者 彭扬 数字人民币近期迎来升级，市场期待已久的计息功能将正式落地。中国证券报记者12月29日从中国人民 银行获悉，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实 施。 在总结十年研发试点经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相 关金融基础设施建设的行动方案》，方案从机制上明确了数字人民币将从数字现金时代迈入数字存款货 币时代。 中国人民银行副行长陆磊介绍，根据制度安排，客户在商业银行钱包中的数字人民币是以账户为基础的 商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型数字人民币2.0版。行动方案明确，银 行机构为客户实名数字人民币钱包余额计付利息，遵守存款利率定价自律约定。 与此同时，专家表示，数字人民币存款纳入存款保险范畴，若运营的商业银行出现风险，储户的数字人 民币存款可享受最高50万元的限额偿付保障。 （上接A01版）现阶段，各运营机构将参考其挂牌的活期存款利率执行，同时必须严格遵守存款利率定 价自律约定。 陆磊也强调，未来的数字人民币是中央银行提供技术支持保障并实施监管、具有商业银行负债属性，以 账户（数字人 ...

新华社北京12月29日电 题：可以付息了！数字人民币迎来2.0版 新华社记者吴雨、任军 商业银行是数字钱包开立、场景开发和技术维护的主要运营者，对数字人民币流通的安全性、可靠性、 连续性等负有直接责任。 新一代数字人民币来了！记者12月29日从中国人民银行获悉，明年1月1日起，新一代数字人民币的计量 框架、管理体系、运行机制和生态体系将正式启动实施。其中，最为突出的变化是，数字人民币可以付 息了！ 在总结多年研发试点的经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和 相关金融基础设施建设的行动方案》。方案从机制上明确了数字人民币将从数字现金时代迈入数字存款 货币时代。 从数字现金到数字存款货币，这个变化带来明显利好——行动方案明确，银行机构为客户实名数字人民 币钱包余额计付利息，遵守存款利率定价自律约定。 不要小看迈出的这一步，背后是数字人民币从计量框架到管理体系，从运行机制到生态体系的全面调 整。 在调整之前，数字人民币主要定位于现金，并从2023年纳入流通中货币（M0）统计口径。 现金大多用于小额支付，很难"钱生钱"。只有把钱存到银行，再由银行把钱贷给个人、企业等，贷款再 辗转变为个 ...

Digital Currency - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [1] - As of November 2025, digital RMB has processed 3.48 billion transactions totaling 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The rapid development of digital RMB is expected to create opportunities for the banking IT system, payment ecosystem, and related infrastructure industries [1] Passive Components - A major passive component manufacturer plans to adjust prices for certain products starting January 1, 2026, with increases in resistors and inductors [2] - Research indicates that domestic passive component manufacturers are likely to implement two price hikes in Q4, driven by increased demand from AI applications [2] - The overall price of passive components is currently low, and with rising raw material costs, manufacturers are expected to initiate a new round of price increases [2] Robotics - The opening of offline stores for humanoid robots is expected to validate real application scenarios and accelerate product iteration and standardization [2] - TrendForce predicts that 2026 will be a pivotal year for humanoid robots, with global shipments expected to increase over sevenfold, surpassing 50,000 units [2] Nuclear Fusion - The 2026 Nuclear Fusion Energy Technology and Industry Conference will be held in Hefei, Anhui, focusing on promoting collaboration and innovation in the nuclear fusion industry [4] - The industry is entering an upward capital expenditure cycle, with Hefei establishing a leading cluster of fusion devices and a complete industrial chain [3] - The importance of controlled nuclear fusion as a "ultimate energy" source is increasing, with a focus on engineering feasibility verification and equipment procurement [3] Logistics - A joint plan has been issued by several government agencies to develop 101 national standards for modern logistics from 2025 to 2027, aimed at enhancing logistics infrastructure [5] - The modern logistics industry has achieved significant growth, with a projected social logistics total of 380 trillion yuan and logistics revenue exceeding 14 trillion yuan by 2025 [5] - The industry is transitioning from scale expansion to quality improvement, leveraging AI, IoT, and big data for enhanced efficiency [5] Reusable Rockets - The private rocket company "New Space Aerospace" has initiated key technology tests for the recovery and reuse of the Chitu-1 rocket, marking progress in low-cost, reliable space technology [6] - Successful recovery technology could reduce launch costs from tens of millions to millions of dollars, with multiple companies aiming for reusable rocket launches by 2026 [6] Hydrogen Energy - A significant breakthrough has been achieved in a 30MW pure hydrogen gas turbine energy storage demonstration project, marking a step towards practical hydrogen energy applications [7] - The project aims to provide a viable solution for large-scale renewable energy storage, addressing issues of volatility and energy wastage [7] Macro and Industry News - Starting January 1, 2024, digital RMB wallet balances will earn interest, making China the first economy to offer interest on central bank digital currency [8] - The market regulatory authority has outlined key tasks for the upcoming year, focusing on antitrust enforcement and addressing "involution" competition [8] - Public fund assets have surpassed 37 trillion yuan, reaching a new high [8]

在总结十年研发试点经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服务体系 和相关金融基础设施建设的行动方案》（下称《行动方案》）。《行动方案》在DC/EP（数字货币/电 子支付）理论框架下进一步优化了"双层架构"。在顶层中央银行端，数字人民币由中央银行负责业务规 则、技术标准制定，承担相关基础设施的规划、建设和运营。 数字人民币迎来重大调整！ 12月29日，记者获悉，新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1 月1日正式启动实施，数字人民币将从数字现金时代迈入数字存款货币时代。未来的数字人民币是中央 银行提供技术支持保障并实施监管、具有商业银行负债属性，以账户为基础、兼容分布式账本技术特 点，在金融体系内发行、流通的现代化数字支付和流通手段，具备货币价值尺度、价值储藏、跨境支付 职能。 《行动方案》还明确了"账户体系+币串+智能合约"的数字化方案，提出升级现有账户体系，在新 型账户（数字人民币钱包）基础上推动新兴技术应用，提升人民币发行、流通、支付等各环节的数字 化、智能化水平，升级数字人民币智能合约生态服务平台，支撑构建智能合约开源生态体系。 此外，《行动方案》明确 ...

Core Insights - The People's Bank of China (PBoC) will allow commercial banks to pay interest on verified digital yuan wallet balances starting January 1, 2026, marking a shift in the digital yuan's role from digital cash to digital deposit money [1][2] - The digital yuan operates under a hybrid architecture with strict government control, focusing on scalability, regulatory oversight, and operational efficiency rather than full decentralization [2][3] - The introduction of interest-bearing digital yuan wallets aims to enhance adoption while maintaining financial stability and central bank control, reflecting lessons learned from nearly a decade of research and pilot programs [4][5] Digital Yuan Usage - As of the end of November 2025, the digital yuan processed 3.48 billion transactions with a cumulative value of 16.7 trillion yuan (approximately $2.38 trillion) [6] - The multi-CBDC bridge (mBridge) facilitated 4,047 cross-border payments, with a cumulative value of 387.2 billion yuan (around $54.21 billion), where transactions in digital yuan accounted for about 95.3% [6] Regulatory Environment - The advancement of China's Central Bank Digital Currency (CBDC) occurs alongside a crackdown on cryptocurrencies, with over 400,000 Bitcoin miners shut down in Xinjiang, impacting the network's hash rate [7]

宏观要闻 央行已出台数字人民币行动方案 据央视新闻从中国人民银行了解到，中国人民银行已经出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字 人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 2026年关税调整方案出炉 据智通财经今日从飞常准获悉，其接航司通知，2026年1月5日零时起，下调国内航线旅客运输燃油附加费征收标准。其中800公里(含)以下航段向每位成人 旅客收取燃油费10元，800公里以上航段向每位成人旅客收取燃油费20元；分别下调10元和20元。 机构观点 余永定：明年中国经济增长的关键在于财政政策的扩张力度 在2025三亚·财经国际论坛暨第五届三亚财富管理大会上，中国社会科学院学部委员余永定在演讲中表示，中国明年经济增速是否可以维持在5%，关键在于 财政政策的扩张力度。历史经验告诉我们，提高基础设施投资增速是解决有效需求不足的有效政策工具，在长期促进经济稳定增长，在短期弥补有效需求不 足。他指出，关于中国投资效率低下的说法是片面的，衡量生产效率的指标包括劳动生产率、资本生产率或者资本产出率或者全要素生产率，中国的劳动生 产率是 ...

Core Viewpoint - The People's Bank of China has announced that starting next year, digital yuan wallet balances will earn interest, marking a significant shift in its underlying logic and positioning [1][2]. Group 1: Changes in Digital Yuan Management - The new action plan states that digital yuan wallet balances will be included in the reserve requirement framework, and non-bank payment institutions will be required to maintain a 100% reserve for digital yuan [1][7]. - Digital yuan is expected to be treated similarly to current demand deposits in commercial banks, which typically have an interest rate of 0.05% [2][3]. Group 2: Implications for Financial Institutions - The transition of digital yuan from "cash in hand" to "bank liabilities" will provide banks with a low-cost source of funding, optimizing their liability structure [2][4]. - This change is anticipated to enhance the motivation of banks to promote and utilize digital yuan, as it can now be integrated into their asset-liability management [6][7]. Group 3: Potential Applications and Growth - The digital yuan's new status is expected to lead to an explosion in its applications, particularly in areas like supply chain finance and cross-border payments, leveraging its smart contract capabilities [7][8]. - The digital yuan is projected to evolve into a comprehensive financial tool, integrating deeper into the economic cycle from personal savings to corporate credit [8]. Group 4: Market Impact and Future Outlook - The shift to bank liabilities is seen as a solution to the "financial disintermediation" challenge, ensuring that currency creation and circulation remain within the financial system [4][5]. - The digital yuan's development is expected to follow a "dual circulation" path, enhancing its role in both domestic and international financial systems [8].