Core Viewpoint - Starting from January 1, 2026, digital yuan wallet balances will earn interest based on current deposit rates, marking a transition from "digital cash" to "digital deposit currency" [2][4]. Group 1: Significance of Digital Yuan Interest - The introduction of interest on digital yuan balances positions China as the first economy to pay interest on central bank digital currency (CBDC), which is expected to enhance user willingness to adopt digital yuan and expand its usage scenarios [2][4]. - Major state-owned banks, including ICBC, ABC, CCB, BOC, PSBC, and BOCOM, will implement this interest policy, aligning with the current deposit interest rates [4]. Group 2: Current Applications and Features - Digital yuan has established a presence in various sectors such as retail, dining, education, public services, and cross-border settlements, showcasing a versatile application model that integrates both online and offline capabilities [5]. - The digital yuan operates on a broad account system, supporting a decoupled banking account function, and is equivalent to physical RMB, possessing value characteristics and legal tender status [9]. Group 3: Payment Methods and User Experience - Users can download the "Digital Yuan" app, register a wallet, and convert bank funds into digital yuan through the app [11]. - Payment methods include QR code payments, NFC "tap-to-pay," and direct transfers using phone numbers or wallet IDs, transitioning from a cash-like 1.0 version to a deposit-like 2.0 version [12]. Group 4: Advantages of Digital Yuan - The issuance cost of digital yuan is lower as it eliminates the need for physical currency production, thus reducing costs associated with printing and maintaining physical money [20]. - Digital yuan transactions are recorded, aiding in the fight against illegal activities [21]. - The digital currency facilitates international transactions, promoting the global use of the RMB [22]. Group 5: Comparison with Other Payment Methods - Unlike WeChat and Alipay, which serve as wallets for various currencies, digital yuan functions as a direct form of money, enhancing the payment experience [16][18]. - Merchants will be required to accept digital yuan, while they can refuse other payment methods like WeChat and Alipay, which may incur service fees [25].

跨境支付体系的优化进一步巩固了升值根基。即将于2026年2月1日施行的新版CIPS业务规则，放宽境外机构接入限制，目前CIPS已拥有190家直接参与者和 1567家间接参与者，覆盖全球主要地区，为人民币跨境流通提供了高效通道。内外政策的协同发力，显著提升了人民币的持有价值与使用便利性。 升值趋势的深度解读与展望 此次汇率突破6.97关口，标志着市场对人民币的信心持续增强。数字人民币计息机制的落地，使钱包余额具备了储蓄属性，存款保险的保障进一步降低了持 有风险，将吸引更多个人与企业用户留存人民币，扩大人民币资金池规模。而CIPS系统的全球化布局，让人民币在跨境贸易、投融资中的使用更加便捷， 推动其国际接受度稳步提升。 文 | CFN 大河 2026年1月2日，离岸人民币兑美元汇率迎来重要突破，成功升破6.97关口，最高触及6.9678，创下2023年5月以来的新高。这一汇率变动不仅是短期市场情绪 的反映，更得益于人民币生态体系完善与跨境支付便利化的长期支撑，升值趋势具备坚实基础。 汇率突破背后的多重支撑 人民币此次升值并非偶然，核心驱动力来自内部金融基础设施的持续升级。2026年1月1日起，数字人民币正式迈入2 ...

#小寒迎新之旅#2025年12月，美国财政部会议室的铜质吊灯下，长桌一侧的美方代表推过一份印有鹰徽的备忘录，标题写着"共同稳定计划"——核 心内容是希望中国接下8500亿美元新发美债。而中方代表指尖轻点平板电脑，调出一张数据图：中国美债持仓已从1.3万亿美元峰值降至6887亿美 元，连续12个月净减持。窗外纽约霓虹闪烁，室内只余纸张翻动的沙沙声，这场持续18年的金融博弈正迎来历史性转折。 从"救美国就是救中国"到"黄金不换白条" 2008年雷曼兄弟倒闭的恐慌中，中国曾连续数月每月增持超百亿美元美债，当时外贸占GDP比重高达57%，美国作为第二大贸易伙伴的购买力直接 关系中国工厂存亡。而到2025年，外贸占比降至35%，美国已退居中国第三大贸易伙伴，东盟、欧盟成为更重要的经济腹地。这种结构性变化让中 国有了说"不"的底气。 美债本身的风险谱系也已颠覆。2025年美国联邦债务突破38万亿美元，仅年利息支出就超过1万亿美元，相当于印尼全年GDP。更关键的是美元指 数在2025年上半年暴跌10.8%，创1973年以来最差表现，10年期美债收益率在3.9%到4.8%间剧烈波动。手持美债像抱着一筐被虫蛀的苹果，看似光 鲜 ...

12月31日，非洲中南部国家赞比亚央行向彭博社表示，已确认该国自10月份开始，接受用人民币缴纳矿 业税费和特许权使用费，这标志人民币国际化取得重大突破。 赞比亚的选择更像一个信号，一个属于"全球南方"的信号。它告诉世界，发展中国家正在主动寻求货币 选择上的多元化，以摆脱对单一货币的过度依赖。这种"去风险化"的集体行动，可能比事件本身更具历 史意味。 这事儿听着就带劲！赞比亚可不是随便哪个国家，它的铜矿资源在全球都排得上号。用人民币收矿产 税，好比抓住了经济的命门。这意味着人民币不再只是购物清单上的结算工具，它已经敲开了主权国家 财政部的大门。 想想看，以往我们听说人民币国际化，多是在贸易环节。这回直接迈进税务领域，性质完全不同。税费 是一个国家财政主权的核心体现，赞比亚这个决定，背后是实打实的信任投票。这种信任，比签多少贸 易协议都来得厚重。 数据不会说谎。国际清算银行的最新调查显示，人民币在全球外汇交易中的份额已经快速攀升。越来越 多的央行开始像攒家底一样，将人民币纳入外汇储备篮子。这不是跟风，而是基于现实利益的精明计 算。 但也别高兴得太早。我们必须泼点冷水清醒一下：一个赞比亚，撼动不了现有的全球货币格局 ...

Core Viewpoint - The article emphasizes that the digital renminbi (e-CNY) is transforming the digital financial landscape and facilitating the internationalization of the renminbi through technological upgrades and institutional innovations [10]. Group 1: Digital Renminbi Development - The digital renminbi has transitioned from a cash equivalent (M0) to a fully functional legal digital currency, marking a new paradigm in digital finance and the internationalization of the renminbi [10]. - The People's Bank of China has established three principles for the digital currency: "no loss, compliance, and interoperability," which serve as fundamental guidelines for building cross-border infrastructure [5][6]. - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital renminbi app [6]. Group 2: Cross-Border Payment System - The digital renminbi is positioned to enhance domestic payment efficiency and promote financial inclusion while reshaping the cross-border payment landscape [7]. - Traditional cross-border payment systems face challenges such as high costs and inefficiencies, which the digital renminbi aims to address through point-to-point payments and real-time settlement mechanisms [7]. - The implementation of a partial reserve system for the digital renminbi will create new issuance channels and enhance user retention by allowing interest payments on digital currency held in wallets [8]. Group 3: Strategic Importance and Challenges - The digital renminbi's unique characteristics present new challenges for issuers, operators, and users, necessitating enhanced technical capabilities and security measures [9]. - The widespread application of the digital renminbi will impact the central bank's monetary policy transmission and macroeconomic regulation, requiring a comprehensive approach to development and security [9]. - The establishment of an international operational center and the expansion of the "mBridge" network will position the digital renminbi as a "digital bridge" connecting more countries [8].

► 文 观察者网 阮佳琪 人民币国际化进程在非洲的推进势头正愈发凸显。据美媒彭博社12月31日报道，在非洲第二大铜矿生产 国赞比亚，中资矿山运营商已开始使用人民币缴纳矿区开采使用费及税款。赞比亚央行（BoZ）周三在 邮件回复中证实，人民币结算缴费模式已于10月正式落地。 报道指出，赞比亚由此成为非洲首个确认接受人民币支付矿业税款的国家，此为人民币在非洲大陆接受 度持续提升的最新佐证，"非洲正逐渐成为推进人民币国际化的关键阵地"。 赞比亚央行卢萨卡分行 彭博社 美媒引述的赞比亚央行邮件内容写道，"赞比亚大部分铜矿出口目的地为中国，而且中资矿企对华出口 已有部分甚至全部货款都是以人民币结算的。赞比亚央行的核心目标之一是实现外汇储备多元化并扩大 储备规模，增持人民币资产有助于实现这一目标。" "技术层面，中国主导的人民币跨境支付系统（CIPS）清算系统正在推广，企业使用CIPS可降低对环球 银行金融电信协会（SWIFT）的依赖，有效降低系统性风险。与SWIFT清算系统相比，CIPS的使用不 受其他国家政策的直接影响，这为中非之间的贸易和投资提供了更加稳定和安全的环境"，他补充道。 据报道，赞比亚央行于2018年首次 ...

今天，数字人民币正式迈入"计息"时代，用户实名钱包里的余额能"钱生钱"了。 图片截取自工商银行官方网站 六大行集体官宣 图片截取自农业银行官方网站 2025年12月31日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行集体发布关于数字 人民币重磅公告。公告称，自2026年1月1日（含）起，将为客户开立在该行的数字人民币实名钱包余 额，按照活期存款挂牌利率计付利息，计结息规则与活期存款一致。 这意味着，存放在这些钱包里的数字人民币，将和传统银行活期存款一样，开始产生收益。目前，几家 大行官网显示的活期存款挂牌利率为0.05%。 图片截取自工商银行官方网站 值得注意的是，并非所有数字人民币钱包都能享受计息。 数字人民币现金型1.0版迈入存款货币型2.0版，一大变化点是由央行对客户负债，变成了商业银行对客 户负债。为何会出现这一变化？ 中国人民银行党委委员、副行长陆磊在撰文中指出，数字现金作为中央银行对公众的负债，理论上不需 要商业银行等金融机构参与运营维护。但是在研发试点中，数字现金与流通中纸币的权责关系存在明显 差异。商业银行是数字钱包开立、场景开发和技术维护不可或缺的运营者，其服务伴随数字现金流通 ...

Core Viewpoint - The People's Bank of China is officially transitioning the digital yuan from a "cash-type 1.0" to a "deposit currency type 2.0," introducing a historical transformation that enhances its functionality as a financial asset with value storage capabilities [1][2]. Group 1: Mechanism Innovation - The core mechanism innovation of version 2.0 is characterized by the redefinition of liability attributes and the incorporation of a macro framework, allowing digital yuan balances in commercial banks to be classified as "account-based commercial bank liabilities" [3][6]. - The cancellation of the "non-interest" policy for digital yuan enables liquidity to flow directly into the electronic wallet system, marking the end of the cash era [3][6]. - The new framework enhances user willingness to hold and use digital yuan while providing banks with a manageable asset-liability space [6]. Group 2: Technical Architecture - The technical architecture features three major innovations: an account system, a currency string, and smart contracts, which facilitate a digital path for the digital yuan [7]. - The upgrade maintains compliance with existing bank account rules while introducing a "currency string" for value transfer and offline circulation, enhancing verification and system resilience [7]. - Smart contracts embedded in the funding flow can trigger conditions and automate verification in various scenarios, reducing misuse risks and compliance costs [7]. Group 3: Cross-Border Applications - The transition to "digital deposit currency" is reshaping the liquidity foundation and settlement efficiency of the multilateral central bank digital currency bridge (mBridge) [11]. - As of November 2025, digital yuan holds a dominant position in mBridge operations, accounting for 95.3% of transactions, with a total of 4,047 cross-border payments amounting to 387.2 billion yuan [14]. - The introduction of deposit insurance significantly lowers the risk costs for foreign participants holding digital yuan, enabling more robust fund position management [14].

Core Viewpoint - The People's Bank of China will implement a new action plan to enhance the management and service system of the digital renminbi, transitioning from a cash-like version to a deposit currency version starting January 1, 2026 [1][2]. Group 1: Transition to Digital Deposits - The digital renminbi will shift from being classified as "digital cash" to "digital deposits," allowing banks to pay interest on customer balances in digital renminbi wallets [2][6]. - Digital renminbi deposits will be included under deposit insurance, providing a protection limit of up to 500,000 yuan for customers in case of bank risks [2][8]. - Major banks, including ICBC and ABC, will start paying interest on digital renminbi wallet balances at the same rate as regular savings accounts [2][8]. Group 2: Implications for Banks - The new framework allows banks to manage digital renminbi as liabilities, enabling them to earn interest and comply with reserve requirements, thus integrating digital renminbi into their balance sheets [7][9]. - Previously, digital renminbi existed in M0 form, which did not allow for monetary creation; the new structure will allow it to be categorized under M1 or M2, improving liquidity in the banking system [8][9]. - The transition to digital deposits will enhance banks' motivation to promote digital renminbi, addressing previous cost burdens without corresponding revenue [9]. Group 3: Technological and Regulatory Aspects - The digital renminbi will incorporate distributed ledger technology and smart contracts, facilitating efficient payment processes and regulatory compliance [9]. - The new system aims to support real-time cross-border transactions, reducing intermediary costs and enhancing settlement efficiency, which may aid in the internationalization of the renminbi [9].

新华财经北京1月1日电（王菁）2025年的我国国债市场，是在宏观叙事频繁切换、多空逻辑激烈博弈中展开的深度校准。这一年，市场在"稳增长"与"防风 险"、"强政策"与"弱现实"的张力间，走出了一条独特的路径：一级市场以创纪录的供给规模和前置的发行节奏，有力支撑了积极的财政政策；二级市场以 10年期国债收益率为代表在狭窄区间内演绎了一场高频率的"折返跑"，全年波动中枢温和下移。 随着多方面政策升级优化的加持下，国债市场在扩容中深化了韧性，在波动中重塑了平衡，不仅高效完成了财政筹资与流动性供给的核心使命，更在服务国 家战略、畅通货币政策传导中发挥了不可替代的枢纽作用。 一级市场：稳健扩容与结构优化，财政融资主渠道功能凸显 2025年，国债一级市场在"积极的财政政策适度加力、提质增效"的基调下，实现了历史性的跨越。其核心特征体现为供给规模有所放量、发行节奏科学前 置、期限结构持续优化，精准有力地保障了国家重大战略实施的资金需求。 ——发行规模创历史新高，中央加杠杆支撑稳增长。据新华财经梳理，2025年全年国债发行总额达到160,140.20亿元，较2024年的124,748.31亿元同比大幅增 长28.37% ；全年 ...