Core Viewpoint - The digital renminbi will start accruing interest on wallet balances as of January 1, 2026, marking a significant transition from "digital cash" to "digital deposit currency" after over a decade of development and trials [1]. Group 1: What is Digital Renminbi - Digital renminbi is a digital form of legal currency issued by the People's Bank of China, equivalent to physical renminbi, and backed by state credit [1]. - The upgrade from version 1.0 to version 2.0 signifies a leap in functionality, transforming it from "digital cash" to "digital demand deposits" [1]. - Digital renminbi fundamentally differs from virtual currencies, as it is a state-backed legal tender, while virtual currencies are decentralized and highly volatile [1]. Group 2: Benefits for Consumers - The upgrade enhances consumer experience through three main aspects: "interest," "convenience," and "security" [2]. - "Interest" refers to the ability of real-name digital renminbi wallet balances to earn interest at the bank's demand deposit rate, increasing user willingness to hold digital renminbi [2]. - "Convenience" includes features like "dual offline payment," allowing transactions without internet access via NFC technology [2]. - "Security" is highlighted by the fact that wallet balances up to 500,000 yuan are insured, matching the safety level of bank deposits [2]. - The "smart contract" feature of digital renminbi can effectively protect consumer interests in prepaid scenarios [2]. - Digital renminbi adheres to the principle of "small anonymous, large traceable," catering to public needs while supporting regulatory requirements [2]. Group 3: Strategic Significance at the National Level - Digital renminbi holds significant strategic importance for the country, ensuring financial security and maintaining payment system functionality in extreme situations [3][4]. - It promotes the internationalization of the renminbi, facilitating easier settlement and clearing in international transactions [3][4]. - As the first major economy to position central bank digital currency as interest-bearing deposit currency, China strengthens its leading role and influence in global digital currency regulations [3][4]. - It enhances regulatory capabilities to combat money laundering and tax evasion through high traceability [4]. - Digital renminbi fosters inclusive finance, providing basic financial services to unbanked populations, contributing to common prosperity [4].

Core Viewpoint - The digital renminbi will start accruing interest like a demand deposit from January 1, 2026, marking a significant transition from "digital cash" to "digital deposit currency" after over a decade of research and trials [1][3]. Group 1: Digital Renminbi Overview - Digital renminbi is a digital form of legal currency issued by the People's Bank of China, equivalent to physical renminbi, and has value characteristics and legal tender status [3]. - The upgrade from version 1.0 to version 2.0 signifies a leap in functionality, transforming digital renminbi from merely a digital cash tool to a digital demand deposit [3]. Group 2: Benefits for Consumers - The upgrade brings several conveniences to daily life, categorized into "benefits," "convenience," and "security" [5]. - "Benefits" include the ability for real-name digital renminbi wallet balances to earn interest at bank demand deposit rates, enhancing user willingness to hold digital renminbi [6]. - "Convenience" refers to features like "dual offline payment," allowing transactions without internet access through NFC technology [6]. - "Security" is highlighted by the protection of wallet funds up to 500,000 yuan under deposit insurance, equating its safety level to that of bank deposits [6]. Group 3: Integration with Existing Payment Systems - Digital renminbi is not in a zero-sum competition with WeChat and Alipay but rather complements them, creating a coexisting ecosystem where digital renminbi acts as "money" and these platforms serve as "wallets" [7]. - The integration of digital renminbi into existing payment options on platforms like WeChat and Alipay reflects a trend towards collaborative development in the payment landscape [7]. Group 4: National Significance - From a national perspective, digital renminbi holds strategic importance in four key areas: ensuring financial security, promoting the internationalization of the renminbi, enhancing regulatory capabilities, and fostering inclusive finance [8]. - The ability to maintain a functioning payment system under extreme conditions is crucial for national financial security [8]. - The digital renminbi's role in international transactions will facilitate the global reach of the renminbi, reinforcing China's leadership in central bank digital currency [8].

在数字人民币计息改革的同时，数字人民币的性质也随之发生了变化，具体表现为数字人民币从"数字 现金时代"迈入"数字存款货币时代"，从中国人民银行的负债转变为商业银行的负债，从不计息、不能 派生货币的模式演变为计息、能派生货币的模式。数字人民币在具备价值尺度功能的基础上，新增了价 值储藏功能等。同时，因为实名数字人民币钱包内的余额视为存款，其需要按照存款准备金要求交纳存 款准备金，不仅意味着数字人民币纳入货币政策调控框架，商业银行也可以利用货币派生机制通过发放 贷款创造存款来实现货币创造。 从中国人民银行看，数字人民币从央行负债转变为商业银行负债后，改变了商业银行原本只为数字人民 币提供服务和承担责任的局面，有助于进一步调动商业银行的积极性，探索更多的场景使用数字人民 币。同时，这一改变有助于提高广大居民使用数字人民币的积极性，让数字人民币发挥更大的作用。在 宏观调控上，可以通过引导数字人民币存款利率变化，或者利用数字人民币提升结构性货币政策工具的 精准度，以更好开展调控。再者，在风险管理上，可以依托银行账户管理优势更好开展反洗钱等。 从商业银行看，改革后其继续享用中国人民银行提供的技术支持保障，承担合规和反洗钱 ...

Core Viewpoint - 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" in China [1][2] Group 1: Digital Yuan Interest Payment - Digital yuan wallets will be credited interest similar to bank current deposits, as announced by major state-owned banks [2] - This move signifies a shift from the cash-like version 1.0 to the deposit currency version 2.0 of digital yuan [2] Group 2: Application and Usage - Digital yuan has established application models across various sectors, including retail, education, and public services, with capabilities for both online and offline payments [3] - Users can download the "Digital Yuan" app, register a wallet, and convert bank funds into digital yuan through various payment methods [7] Group 3: Comparison with Other Payment Methods - Digital yuan functions as a direct form of currency, while WeChat and Alipay serve as wallets that can hold various forms of money [10] - Unlike WeChat and Alipay, which can be refused by merchants, digital yuan will be universally accepted once fully promoted [11] Group 4: Benefits of Digital Yuan - The issuance cost of digital yuan is lower as it eliminates the need for physical currency production [12] - Digital yuan facilitates the internationalization of the renminbi, making transactions more convenient in global trade [13]

Core Viewpoint - 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" in China [2][3] Group 1: Digital Yuan Transition - The People's Bank of China will be the first central bank to pay interest on its digital currency, enhancing user willingness to adopt digital yuan and expanding its usage scenarios [2] - Major state-owned banks, including ICBC, ABC, CCB, BOC, PSBC, and BOCOM, will implement interest payments on digital yuan wallets, aligning with current deposit rates [3] - This shift signifies a move from version 1.0, which functioned as "digital cash," to version 2.0, which will operate as "digital current deposits" with core functions including value measurement, value storage, and cross-border payments [3] Group 2: Characteristics of Digital Yuan - Digital yuan is a legal tender issued by the People's Bank of China, designed to support a broad account system and allow for a loose coupling with bank accounts [6] - It does not pay interest, aligning with its classification as M0, similar to physical cash [10] - Digital yuan offers low operational costs, as there are no fees for exchange or circulation services [12] - Transactions using digital yuan are settled immediately, enhancing efficiency [14] - It incorporates controllable anonymity, protecting personal information while preventing illegal activities [16] - Security features include digital certificates, signatures, and encryption to ensure transaction integrity and prevent fraud [17] - Digital yuan is programmable through smart contracts, allowing for automated transactions under agreed conditions [19] Group 3: Comparison with Third-Party Payment Systems - Digital yuan is a state-backed legal currency that merchants cannot refuse, unlike third-party payment systems [21] - It does not incur any transaction fees and supports offline transactions [21] - Third-party payment systems may charge fees and require internet access, limiting their usability [23] Group 4: Benefits of Digital Yuan - The issuance cost is reduced as there is no need for physical currency production [25] - It aids in combating illegal activities through transaction data tracking [27] - Digital yuan facilitates the internationalization of the renminbi, making cross-border transactions more efficient [29] Group 5: Usage Scenarios - Digital yuan can be used in various sectors, including transportation, shopping, dining, healthcare, cultural tourism, and online platforms [31] - It has established a comprehensive application model across multiple fields, integrating both online and offline payment capabilities [31]

Global Central Bank Dynamics - The People's Bank of China has officially released an action plan for the digital yuan, which will implement a new measurement framework and management system starting January 1, 2026. This marks China's transition from "digital cash" to "digital deposit currency," making it the first economy to offer interest on central bank digital currency [1] - The Federal Reserve's December meeting minutes reveal significant internal divisions regarding interest rate cuts, with some officials expressing that the decision is a "delicate balance" and suggesting that rates could remain unchanged [1] - The Bank of Japan's December meeting minutes indicate support for further interest rate hikes, with one member suggesting flexible adjustments to monetary policy every few months [2] - The Bank of Korea announced a comprehensive revision of monetary and liquidity statistics, resulting in a decrease in the year-on-year growth rate of M2 from 8.7% to 5.2% under the new standards [2] Market Observations - Barclays maintains its expectation for the Federal Reserve to cut rates twice in 2026, with anticipated cuts of 25 basis points each in March and June [3] - BlackRock strategists suggest that the Federal Reserve will implement limited rate cuts in 2026, as it approaches neutral interest rates after a cumulative reduction of 175 basis points [3] - Analysts from Mitsubishi UFJ report that the US dollar has experienced its worst annual performance since 2017 and is expected to weaken further in 2026 [4]

Core Viewpoint - The upcoming "15th Five-Year Plan" period marks a significant historical juncture for China's financial system, emphasizing the construction of a financial powerhouse and the development of high-quality financial infrastructure to support the real economy [1][20]. Group 1: Digital Currency and Cross-Border Payment - Over 90% of central banks globally have been exploring Central Bank Digital Currencies (CBDCs) in the past decade, with China leading the way since 2014 [6][25]. - The digital yuan pilot has expanded to cover 26 regions across 17 provinces, with cumulative transaction amounts reaching 7.3 trillion yuan by July 2024 and projected to reach 14.2 trillion yuan by September 2025 [6][25]. - The "Digital Currency Bridge" (m-Bridge) is highlighted as a significant platform for cross-border applications of the digital yuan, showcasing China's advancements in this area [6][26]. Group 2: RMB Internationalization - The internationalization of the RMB has been relatively moderate during the "14th Five-Year Plan," but the "15th Five-Year Plan" is expected to bring more favorable changes due to external and internal conditions [1][21]. - A weakening US dollar may create a temporary trend that encourages global funds to diversify into assets including the RMB, thereby increasing demand for related currencies [21][33]. - The attractiveness of RMB assets has risen significantly in sectors like technology, new energy, and manufacturing, which is crucial for the internationalization of the RMB [21][33]. Group 3: Financial Infrastructure and Policy Support - China is building its financial infrastructure, such as the Cross-Border Interbank Payment System (CIPS), to support the internationalization of the RMB and national strategies [7][26]. - The country's proactive policies, including bilateral currency swap arrangements with multiple central banks, provide foundational conditions for the overseas use of the RMB [34]. - Expanding the scenarios for RMB pricing and settlement in commodities and energy trade is expected to significantly promote RMB internationalization [34]. Group 4: Challenges and Future Outlook - The digital yuan's classification as M0 and its non-interest-bearing nature may hinder commercial banks' enthusiasm for participation, necessitating adjustments in promotion mechanisms [36]. - The development of a robust domestic ecosystem for the digital yuan is essential for its successful cross-border application, as a lack of investment opportunities may deter foreign entities from using RMB for settlement [36][38]. - The internationalization of the RMB is a complex process that requires a balance between micro-level asset availability and macro-level capital flow management [37].

Core Viewpoint - The article discusses the significant transformation of China's digital currency from a cash-based model (1.0 version) to a deposit currency model (2.0 version), which will allow digital yuan wallet balances to earn interest, enhancing its appeal and usability in various financial contexts [1][2]. Group 1: Transition to Deposit Currency - The People's Bank of China (PBOC) has initiated a shift in the digital yuan's framework, allowing wallet balances to earn interest based on the bank's current deposit rates, marking a revolutionary change in its functionality [1][2]. - This transition signifies a change in the legal status of funds in digital yuan wallets from being a liability of the PBOC to a liability of commercial banks, indicating a profound institutional reform [2]. Group 2: Implications for Users and Banks - For individual and corporate users, the ability to earn interest on digital yuan balances will significantly increase their willingness to hold these funds, leading to a broader acceptance among merchants and richer payment scenarios [3]. - Commercial banks will benefit from the digital yuan as a source of usable funds, enhancing their promotional efforts and enabling the development of new financial products, such as exclusive wealth management offerings tied to digital yuan [3]. Group 3: Global Positioning and Future Development - China is positioned as the first major economy to classify central bank digital currency as an interest-bearing deposit currency, strengthening its leadership and influence in global digital currency governance [4]. - The digital yuan's transition to a deposit currency will facilitate its integration into global interbank payment systems, enhancing its utility in cross-border trade and investment [4]. - Future improvements for the digital yuan include establishing a comprehensive regulatory framework, expanding pilot programs nationwide, accelerating multi-scenario coverage, and enhancing user data protection [4].

董希淼（招联首席研究员、上海金融与发展实验室副主任） 近日，中国人民银行出台《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》（以下简称"《行动方案》"），2026年1月1日正式启动实施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。根据《行动方案》，数字人民币不再局限于现金（M0）定位，其钱包余额 将计付利息。多家银行纷纷宣布，数字人民币钱包余额按照本行活期存款挂牌利率计付利息。 这是数字人民币研发试点十余年来最革命性的变化，标志着数字人民币将从"数字现金"1.0版迈入"数字 存款货币"2.0版。金融强国关键核心金融要素之一是"强大的货币"。党的二十届四中全会审议通过的 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"稳步发展数字人民币"。未 来，2.0版数字人民币要成为"强大的货币"，还需要付出更多努力。 数字人民币试点进展与不足 中国是世界上最早使用货币的国家之一，使用货币的历史长达五千年之久。北宋时期，我国四川成都地 区出现世界上最早的纸币——"交子"。近年来，数字经济已经成为全球经济重要驱动力和新的增长点。 作为数字经济时代的"新基建"，数字货币 ...

从2026年1月1日起，数字人民币钱包余额将按照活期存款计付利息。这也意味着，经过十年研发试点，数字人民币将从"数字现金时代"迈入"数字存款货 币"时代。 数字人民币计息有何意义？ 工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行在2025年12月31日相继发布公告，将开立在该行的数字人民币实名钱包余额按照银行活 期存款挂牌利率计付利息，计结息规则与活期存款一致。 六大国有银行率先响应，其余银行类运营机构遵循统一政策。这一举动的背后，并非简单的"加利息"，而是数字人民币将从现金型1.0版步入存款货币型 2.0版的变化。 目前，数字人民币已在批发零售、餐饮文旅、教育医疗、公共服务、社会治理、乡村振兴等领域形成覆盖线上线下、可复制推广的应用模式，兼具账户与 区块链双重模式、软硬件钱包适配、线上线下及离线支付兼容的通用混合型货币能力。 △2025年12月26日，上海黄浦区一超市外张贴了店内支持的付款方式列表，包括微信、支付宝、数字人民币等，共有十余种。 新闻多看点 NEWS MORE 专家表示，对数字人民币钱包余额计付利息后，中国将成为首个为央行数字货币计息的经济体。这将有助于提高用户使用数字人民币的意愿 ...