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CITIC Securities: Banks Should Seize the Opportunity to Increase the Penetration Rate of Digital RMB
Summary: According to a report from FX678, CITIC Securities stated that the digital RMB is transitioning from a 'central bank liability' 1.0 that replaces cash to a 'deposit currency' 2.0 integrated into the commercial bank liability system, with interest-bearing accounts and reserve requirements, essentially becoming general deposits. This systemic adjustment helps to strengthen the stability of ...
According to a report from FX678, CITIC Securities stated that the digital RMB is transitioning from a 'central bank liability' 1.0 that replaces cash to a 'deposit currency' 2.0 integrated into the commercial bank liability system, with interest-bearing accounts and reserve requirements, essentially becoming general deposits. This systemic adjustment helps to strengthen the stability of bank liabilities, enhance the efficiency of monetary policy transmission under reserve requirements and interest rate frameworks, and significantly increase the intrinsic incentives for commercial banks to promote digital RMB. In terms of industry impact, digital RMB is expected to become an important tool for linking corporate and retail sectors, and to some extent, compete with third-party platforms in the payment process. It is anticipated that the focus of future bank digital RMB business development will shift from qualifications to capabilities, with banks needing to accelerate the transition from account operations to specialized services in specific scenarios, seizing the opportunity to increase the penetration rate of digital RMB.
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Link: CITIC Securities: Banks Should Seize the Opportunity to Increase the Penetration Rate of Digital RMB [Copy]
