Analysis: Interest-bearing Digital Yuan to Absorb Tokenized Deposit Efficiency and Reconstruct Monetary Credit Relationships

Odaily According to an article titled "Interest-bearing Digital Yuan Empowers Hong Kong's Financial Innovation" published by Hong Kong media Ta Kung Pao, it was pointed out that the balance in digital yuan wallets will accrue interest starting from January 1, 2026, marking the entry into the era of "Digital Deposit Currency 2.0". Digital Yuan 2.0 reconstructs monetary credit relationships through institutional innovation, somewhat similar to tokenized deposits promoted by commercial banks (such as JPMorgan's JPM Coin), but creates a new hybrid form: it absorbs the efficiency of tokenized deposits, while its core is sovereign currency credit. After bearing interest, the digital yuan possesses attributes that allow it to compete with Hong Kong's offshore yuan deposits.