Adjustment of the measurement framework for digital RMB Simply put, this means that the digital RMB will officially enter the "digital deposit currency era (2.0 version)" from the digital cash era (1.0 version). This adjustment will be officially implemented from January 1, 2026. 1. Core change: from "cash" to "deposits" Before the adjustment, digital RMB was defined as M0 (cash in circulation). Just like the paper money in your pocket, it does not accrue interest and is a liability of the central bank. After adjustment, its positioning underwent a qualitative change: Attribute transformation: The digital RMB held by customers in commercial bank wallets is no longer considered as "cash", but rather as an account based "commercial bank liability". Interest payment: Since it is a "deposit currency", banks will start paying interest on the balance in real name digital RMB wallets. Inclusion in statistics: The statistical scope of digital RMB will be expanded from M0 to M1 (narrow currency) or even higher levels, officially integrated into the macro monetary control system. 2. Specific adjustments to the measurement framework In order to accommodate this identity shift, the central bank has made refined arrangements at the level of financial infrastructure: Reserve system: The balance of digital RMB held by commercial banks will be uniformly included in the deposit reserve base. Non bank institution regulation: For digital RMB managed by payment institutions (such as third-party payment platforms), a 100% margin system is still implemented to ensure fund security. Hierarchical classification: The balance of a digital RMB wallet will be classified into corresponding currency levels based on its liquidity (such as whether it can be withdrawn at any time, whether it is limited, etc.). Why is this adjustment necessary? Enhance the willingness to hold: In the past, digital RMB did not accrue interest, and people were more willing to deposit their money in bank accounts to earn money. Now that interest can be generated, individuals and businesses have more motivation to hold and use it for the long term. Enhancing bank motivation: In the 1.0 era, promoting digital currencies by banks was a "cost but no benefit" approach. After the adjustment, the digital currency has become a deposit asset for banks, which can use these funds for business activities such as loans, thus gaining enthusiasm for commercial promotion. Optimizing macroeconomic regulation: By incorporating digital RMB into the reserve framework and M1/M2 statistics, the central bank can more accurately observe and regulate monetary liquidity in the market. What impact does it have on ordinary users? Wallet "Transformation" Savings Card: The balance in your digital RMB wallet is no longer "dead money", but can generate interest like regular deposits. Higher security: included in the deposit protection system and subject to stricter metrological monitoring by the central bank. A wider range of payment scenarios: With the increasing enthusiasm of banks and payment institutions, future applications in payment, wealth management, cross-border payments, and other fields will become smoother.