CITIC Securities: Banks need to seize the opportunity of the increasing penetration rate of digital RMB

According to Jinshi News, a research report from CITIC Securities indicates that the digital renminbi is upgrading from the "central bank liability type" 1.0, which replaces cash, to the "deposit currency type" 2.0, which is incorporated into the commercial bank liability system. Its accounts can earn interest and require reserves, effectively becoming general deposits. This institutional adjustment helps solidify the stability of bank liabilities and enhances the efficiency of monetary policy transmission under the reserve and interest rate framework, while significantly increasing the intrinsic incentives for commercial banks to promote the digital renminbi.

From an industry perspective, the digital renminbi is expected to become an important tool for linking corporate and retail sectors, and to form a certain replacement for third-party platforms in the payment process. It is anticipated that the focus of banks' digital renminbi business development will shift from qualification to capability, and banks need to accelerate the transition from account operations to scenario-based specialized services, seizing the opportunity to increase the penetration rate of the digital renminbi.