欧阳晓红/文 2026年元旦起，数字人民币(e-CNY)开始计息。 这项功能的上线，意义远不止于"多给了0.05%"的活期利率调整，它同时还做了两件大事：在国内实 现"入表"，在跨境迈向"出师"。 "入表"意味着数字人民币正式纳入监管计量与银行资产体系；"出师"则关乎其作为具备技术与制度输出 能力的"基础设施"，在全球金融体系中构建接入路径与信任机制。 数字人民币"入表"带来的关键变化是：数字人民币具有了商业银行负债属性，并被纳入统一的监管与保 障框架。 这意味着三项制度性升级： 其一，激励机制。计息是一项制度安排，旨在推动数字人民币从"类零钱"回归"类存款"属性，为用户与 银行提供可持续的留存动因。 跨境竞争从来不是"你想不想国际化"，而是"别人敢不敢接入"。敢不敢接入，取决于三件事：清算路径 是否确定、合规证明是否可审计、风险成本是否可控。 公开数据显示，截至2025年11月底，数字人民币累计处理交易34.8亿笔，交易金额16.7万亿元。通过数 字人民币App开立的个人钱包超过2.3亿个。在多边央行数字货币桥项目(mBridge)中，累计处理跨境支 付4047笔，交易金额折合人民币3872亿元，其中数字人 ...

数字人民币开始计息啦，看似就多笔活期利息，实则藏着关乎钱袋子的大变革！ 2026年1月1日起，数字人民币正式进入计息时代。对普通人来说，这看似只是"钱包里的钱能赚点活期利息"的小事，实则是一场关乎钱袋子安全、银行动力 乃至国家金融布局的大变革。比起那点利息，数字人民币藏着的"安全buff"和深层考量，才是真正影响我们生活的关键。 "预存焦虑"终结者：智能合约来保驾护航 咱们先从最贴近生活的烦恼说起吧。多少人有过这样的糟心经历：在某家店充了上千块钱的会员，结果没过多久，店门一锁，老板人去楼空，剩下的钱全打 了水漂。老人给社区食堂预存的饭钱，心里也总提心吊胆，生怕哪天食堂经营不善，辛苦攒下来的钱就没了影儿。 数字人民币这次带来的"智能合约"功能，就是解决这些"预存焦虑"的终极武器。举个例子，就像上海浦东的社区食堂试点那样，你给老人预存的饭钱，这笔 钱不会直接打到食堂的账户里，而是会像被"冰冻"起来一样，暂时锁在你的个人数字钱包里。 每次老人去食堂吃饭，智能合约才会自动、精确地从你的钱包里划扣相应的餐费。这样一来，就算食堂哪天真的经营不善，不小心关门了，你钱包里剩下的 钱，也能原封不动地全额退还给你。 这种"定向消 ...

Development Overview - Digital Renminbi is a digital form of legal currency issued by the central bank, characterized by legal tender status, security, high convenience, and programmability [1] - As of November 2025, Digital Renminbi has processed a total of 3.48 billion transactions, with a cumulative transaction amount of 16.7 trillion yuan [1][24] - The dual-layer operational system involves the central bank issuing Digital Renminbi and designated operating institutions providing exchange and circulation services [1][19] Future Outlook - The necessity of developing sovereign digital currencies is highlighted due to risks posed by cryptocurrencies and global stablecoins [2] - Approximately 130 countries, accounting for 98% of the global economy, are exploring digital versions of their currencies, with many in advanced development stages [2][28] - Digital Renminbi is expected to enhance the efficiency of monetary policy transmission and support the internationalization of the Renminbi [2][26] Industry Chain - The issuance layer focuses on technologies such as digital encryption, network security, and identity authentication, which are crucial for ensuring transaction data integrity and user privacy [4] - The circulation layer requires banks and third-party payment institutions to upgrade their systems to accommodate Digital Renminbi [4] - The application layer involves upgrading payment terminals and digital wallets to facilitate the use of Digital Renminbi [4] Investment Recommendations - Digital Renminbi plays a significant role in promoting the internationalization of the Renminbi and has numerous application scenarios both domestically and internationally [4] - The demand for technological upgrades and software/hardware modifications across the issuance, circulation, and application layers presents opportunities for relevant technology and product providers [4]

数字人民币2.0版本来了！日前中国人民银行发布《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》，称今年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。 数字人民币推行10年后，迈向"新纪元"。 值得一提的是，新版数字人民币不再局限于移动支付功能，而是能像活期存款一样计息，同时无需网络也能完成 支付。 正如一位银行工作人员所说："由于微信、支付宝的用户黏性强，导致数字人民币一直没有得到全面推广。"那 么，这次升级换代后的数字人民币能否得到更进一步的推广？ 新版数字人民币有何利好？ 据权威消息，数字人民币是人民银行发行的数字形式的法定货币，由指定运营机构参与运营，以广义账户体系为 基础，支持银行账户松耦合功能，与实物人民币等价，具有价值特征和法偿性。 和数字人民币1.0版本相比，对于普通消费者，数字人民币2.0有以下几点优势：首先，数字人民币钱包余额能计付 利息。日前，中国工商银行、中国建设银行、中国农业银行、中国银行、中国邮政储蓄银行、交通银行、招商银 行、兴业银行、网商银行(支付宝)、微众银行(微信支付)。都宣称将开立在该行的数字人民币实名钱包（一类、二 ...

数字人民币2.0版本来了！日前中国人民银行发布《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》，称今年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。数字人民币推行10年后，迈向"新纪元"。 值得一提的是，新版数字人民币不再局限于移动支付功能，而是能像活期存款一样计息，同时无需网络 也能完成支付。 正如一位银行工作人员所说："由于微信、支付宝的用户黏性强，导致数字人民币一直没有得到全面推 广。"那么，这次升级换代后的数字人民币能否得到更进一步的推广？ 新版数字人民币有何利好？ 据权威消息，数字人民币是人民银行发行的数字形式的法定货币，由指定运营机构参与运营，以广义账 户体系为基础，支持银行账户松耦合功能，与实物人民币等价，具有价值特征和法偿性。 数字人民币在过去十年的试点、推广中取得了可圈可点的成绩，但至今没有得到全面推广和全民使用。 南都N视频记者了解到，堵点不在于技术，而在于社会公众和商业银行等主体意愿不足。 和数字人民币1.0版本相比，对于普通消费者，数字人民币2.0有以下几点优势：首先，数字人民币钱包 余额能计付利息。日前，中国工商银行、中国建设 ...

Core Insights - The article discusses the challenges and uncertainties surrounding the U.S. interest in Venezuelan oil, highlighting that achieving control over these resources within three years is unlikely due to the unstable social environment in Venezuela [1] Group 1: U.S. Interest in Venezuelan Oil - President Trump mentioned "oil" 26 times during a press conference, indicating a strong interest in Venezuelan oil resources, which are the largest proven reserves globally [1] - Experts suggest that the U.S. may not be able to monopolize Venezuelan oil, drawing parallels to the situation in Iraq post-Saddam, where the U.S. did not gain exclusive access to oil resources [1] Group 2: Investment Risks - U.S. oil companies are hesitant to invest heavily in Venezuela due to significant risks and uncertainties, making it difficult to predict when investments would become profitable [1] - The need for a stable social environment for oil infrastructure investment is emphasized, with experts predicting that Trump's ambitions regarding Venezuelan oil are unlikely to materialize within the next three years [1] Group 3: China's Position - Venezuela is a key partner for China in oil production and supply chains, with substantial Chinese investments in exploration and refining [1] - In 2025, Venezuelan oil is expected to account for 4% of China's oil imports, indicating its importance despite the small percentage [1] - Experts note that Venezuela's oil resources are crucial for ensuring China's energy supply chain security and promoting the internationalization of the Renminbi [1]

Core Insights - As of December 2025, China's foreign exchange reserves reached $3357.9 billion, marking a $11.5 billion increase from November, representing a growth rate of 0.34% [1][2] - This increase in reserves is part of a five-month expansion trend, indicating stable growth of China's reserve assets in the global economic environment [2] Group 1: Key Data Highlights - China's foreign exchange reserves reached $3357.9 billion by December, the highest level since November 2015, with a $11.5 billion increase from $3346.0 billion in November [2] - Gold reserves also increased, reaching 74.15 million ounces (approximately 2306.32 tons), with a month-on-month increase of 30,000 ounces (approximately 0.93 tons), marking the 14th consecutive month of accumulation [2] Group 2: Market Factors Driving Asset Changes - The rise in foreign exchange reserves is attributed to a combination of market factors, including a decline in the US dollar index and fluctuations in global financial asset prices [3] - The weaker dollar in December led to an increase in the valuation of non-dollar assets, while rising global financial asset prices also contributed to the growth of reserves [3] Group 3: International Comparison - The trend of increasing gold reserves is not isolated to China; 95% of surveyed central banks expect to continue increasing their gold holdings in the next 12 months, with 43% planning to actively increase allocations [4] - The share of gold in global central bank reserves has risen from 24% in June 2025 to 30% by October 2025, while the share of the US dollar has decreased from 43% to 40% [4] Group 4: Underlying Logic - The continuous increase in gold reserves reflects strategic considerations, as China's gold reserves account for only 8.0% of its official international reserves, significantly below the global average of around 15% [5] - The trend of reducing reliance on the US dollar is driven by concerns over the safety and stability of dollar-denominated assets, as evidenced by China's reduction of $25.7 billion in US Treasury holdings in July 2025 [5] Group 5: Future Outlook - The People's Bank of China plans to maintain a moderately loose monetary policy and focus on ensuring the safety and value appreciation of foreign exchange reserve assets [6] - Analysts predict that the central bank's gold accumulation will continue, driven by the need to optimize reserve structures and reduce dependence on the US dollar [7] Group 6: Long-term Impact - The current global trend of central banks increasing gold reserves may significantly impact the future international monetary system, potentially challenging the dominance of the US dollar [8] - The trend towards "de-dollarization" could create new opportunities for the internationalization of the Chinese yuan, with expectations of increased yuan-denominated trade and investment [8]

Core Viewpoint - The arrest of Venezuelan President Maduro by the U.S. is not merely a political maneuver but a strategic move to seize Chinese investments in Latin America, particularly in energy resources [1][6]. Group 1: U.S. Strategy and Objectives - The U.S. aims to undermine Chinese investments in Venezuela, which exceed $165 billion, by targeting key energy assets and disrupting the use of the yuan in trade [1][3]. - The U.S. has successfully implemented a resource extraction strategy in Ecuador, which serves as a model for potential actions in Venezuela and other Latin American countries [5][12]. - The U.S. employs a systematic approach to destabilize pro-China governments, labeling them as corrupt and supporting opposition movements to facilitate regime change [8][9]. Group 2: Impact on Chinese Investments - Chinese investments in Venezuela are crucial for energy security and are integral to the Belt and Road Initiative, focusing on oil extraction, refining, and infrastructure projects [1][11]. - A regime change in Venezuela could lead to the nullification of existing contracts with Chinese firms, resulting in significant financial losses [3][12]. - The shift to yuan settlements in trade with Latin America poses a direct challenge to the U.S. dollar's dominance, threatening its global financial hegemony [3][6]. Group 3: Risk Management for Chinese Companies - Chinese companies must adopt a comprehensive risk management strategy that includes geopolitical risk assessments and exit planning to safeguard their investments [14][15]. - Collaboration with local influential businesses and forming alliances with other friendly nations can create a protective network against U.S. political maneuvers [15][17]. - The evolving geopolitical landscape necessitates that Chinese firms recognize the importance of their overseas investments as part of a larger strategic competition between major powers [17].

——访国务院发展研究中心办公厅 贺洋：一是经济结构持续优化升级，为金融强国建设奠定更加稳固的基础。实体经济是金融的根基。近年来，我国经济新旧动能转换深入推进，金融资源 在旧动能和新动能领域的分配呈现出"此消彼长"趋势。2025年6月末，金融"五篇大文章"贷款余额105.7万亿元，占各项贷款的比重达到38.8%，已超过房 地产和基础设施领域的占比。"十五五"时期，金融对科技创新、绿色转型等高回报领域的支持力度将进一步加大，有利于改善实体企业盈利状况，并在此 基础上充分挖掘经济潜能、筑牢实体经济基础。 三是金融全球化进入多变新阶段，有利于培育新的金融竞争优势。2018年后，美国"单边主义"的崛起、金融制裁的滥用重新定义了金融风险与金融安全的 内涵，对各国金融发展战略带来深刻影响。未来，全球金融体系可能朝着多元化、均衡化、稳定化、安全化的方向演进。这为我国推进人民币国际化、建 设自主可控的人民币跨境支付体系、推进全球经济金融治理改革等提供了契机。 中国经济时报：作为"十五五"开局之年，2026年金融领域可能有哪些新变化？ 贺洋："十五五"规划建议中明确提出"加快建设金融强国"，并进行了全方位部署。今年是按照"十五五 ...

1）我国现金使用率较低，电子支付已成习惯，根据央行披露，我国在非现金支付额中电子支付率维持 在60%以上，移动支付占非现金支付规模比例从2016年的4.27%提升至25Q3的9.15%。2）数字人民币在 境内的零售支付、普惠金融、公共财政及金融市场创新等领域拥有广阔应用空间。在跨境层面，数字人 民币凭借其制度与技术优势，在大额结算、国际合作及人民币国际化等领域展现出巨大的应用潜力，根 据弗若斯特沙利文预测，2024年我国数字支付市场的总支付额为332万亿元，到2029年有望达到393万亿 元。在跨境支付领域，多边央行数字货币桥（mBridg）能够实现多方点对点直接交互，减少了传统跨 境支付模式对SWIFT和代理银行的依赖，使跨境支付结算时间从3-5天缩短至6-9秒，成本显著降低。截 至2025年11月末，多边央行数字货币桥累计处理跨境支付业务4047笔，累计交易金额折合人民币3872亿 元，其中数字人民币在各币种交易额占比约95.3%。政策的推动以及应用场景的拓宽有望支撑数字人民 币规模逐步扩张。 产业链 智通财经APP获悉，国金证券发布研报称，数字人民币在推动人民币国际化、提高国际金融话语权方面 有重要作用 ...