Core Insights - The digital renminbi is currently classified as M0 (cash) and does not earn interest, which may lead to a loss of time value for idle assets held by individuals and businesses [2][3] Group 1: Digital Renminbi Development - The People's Bank of China (PBOC) has made significant progress in the pilot implementation of the digital renminbi, necessitating reforms and upgrades in both theory and practice [2] - The digital renminbi operates under a 100% reserve requirement, meaning that funds deposited into digital wallets are returned to the central bank [2] - There is a need to enhance the monetary derivation capacity of the digital renminbi as the economy develops [2] Group 2: Monetary Framework and Historical Context - Upgrading the measurement framework of the digital renminbi is essential to align the money supply with economic growth and price expectations, while also increasing the engagement of commercial banks and users [3] - Historical changes in currency forms have been driven by technological advancements and economic development, highlighting the need for a legal digital currency to maintain monetary unity and financial system security [4] - The dual-layer operational structure of the digital renminbi is designed to address the integration of central bank and commercial bank currencies, ensuring the maintenance of monetary unity and financial safety [4]

穆长春在闭门会上进行主题演讲 中经记者 李晖 郑瑜 上海报道 数字人民币正步入发展关键阶段。 "数字人民币的试点取得很大进展，同时我们也发现货币体系中的一些新的变化，我们有必要从理论和 实践等方面进行改革和升级。"9月13日，中国人民银行数字货币研究所所长穆长春在2025Inclusion外滩 大会"金融科技新应用与央行数字货币创新发展"闭门会上表示。 从2014年至今，数字人民币经历了理论研究、闭环试点、开放试点三个阶段，已在批发零售、餐饮文 旅、教育医疗、公共服务等日常生产生活领域逐步推广。 穆长春当天在闭门会上发表题为《数字人民币理论与实践》的演讲。他指出，在宏观层面，目前数字人 民币作为中央银行直接负债，实行100%准备金。客户将资金存入钱包后，资金即回笼至央行。这就要 考虑经济越发展，就越要提高数字人民币的货币派生能力。在微观层面，商业银行承担钱包管理、资金 安全、支付服务及合规反洗钱等责任。 "数字人民币目前是央行的直接负债，应该考虑实现责权利一致。让老百姓和企业手握闲置不生息的资 产也会失去货币的时间价值。"他表示。 穆长春认为，为保障货币供应量与经济增长加上价格预期相适应，同时提升商业银行和用 ...