TechFlow news, December 31: CITIC Securities Research reported that digital RMB is upgrading from a "central bank liability-type" 1.0 version replacing cash to a "deposit currency-type" 2.0 version incorporated into the commercial banking system. Its accounts can earn interest and be subject to reserve requirements, effectively becoming general deposits. This institutional adjustment will help strengthen the stability of banks' liabilities and enhance the efficiency of monetary policy transmission within the reserve and interest rate framework, while significantly boosting commercial banks' intrinsic motivation to promote digital RMB. From an industry perspective, digital RMB is expected to become an important tool linking corporate and retail services, and will partially replace third-party platforms in payment processes. Going forward, the focus of banks' digital RMB business development is expected to shift from qualifications to capabilities, requiring banks to accelerate their transition from account operations to scenario-based, professional services to seize opportunities arising from increasing digital RMB adoption rates. (Jinshi)
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