Core Insights - The "15th Five-Year Plan" emphasizes the steady development of digital RMB, indicating a strategic focus on optimizing its management and positioning within the monetary framework [1][3] Group 1: Digital RMB Development - Digital RMB has transitioned from theoretical research to open pilot phases, covering various sectors such as wholesale retail and education, with a cumulative transaction amount of 14.2 trillion yuan and 3.32 billion transactions processed by September 2025 [1] - The current M0 positioning of digital RMB has limitations, such as the lack of interest-earning capabilities, which diminishes the holding motivation for individuals and enterprises [1] - Experts suggest expanding the functional scope of digital RMB from M0 to M1 and M2 to enhance its application scenarios and promote its usage domestically and internationally [2] Group 2: Regulatory and Operational Enhancements - The People's Bank of China (PBOC) aims to further optimize the digital RMB management system and explore its positioning within the monetary hierarchy, encouraging more commercial banks to participate in its operation [3] - The PBOC's digital currency research institute emphasizes the need to upgrade the measurement framework of digital RMB to align monetary supply with economic growth and price expectations, enhancing the engagement of commercial banks and users [3] - The focus on "steady development" of digital RMB highlights the importance of maintaining financial system stability while expanding pilot programs and application scenarios, with attention to technical security, data compliance, and risk isolation [3]