数字人民币的竞争减损与规制补充

数字人民币自2020年4月试验性发行以来受到了国内外的共同关注。数字人民币具有降低货币发行成本、简化金融市场架构、提升支付效率、加强人民币国际化等优势。同时,我国为数字人民币设置的二元发行模式及100%存款准备金制度也在较大程度上避免了金融机构“脱媒”及银行挤兑加速的负面效果。但数字人民币在与数字化实体人民币的竞争中无法完全避免狭义银行问题,在与其他电子支付工具的竞争中缺乏独有竞争优势,市场前景堪忧。未来的货币规制应当考虑数字人民币的特性,为之确立有限的法偿性、不同的基准利率以及零支付手续费等配套措施。

Digital Renminbi:Competition Derogation and Regulatory Complement

Digital Renminbi has attracted international and national attentions since its experimental launch in April 2020.It enjoys advantages in reducing money issuing costs,simplifying financial structures,increasing payment efficiency,and strengthening the internationalization of Renminbi.Meanwhile,the dual-issuance mechanism and the 100%reserve requirement to a great extent avoid the disintermediation of financial institutions and acceleration of bank runs.However,its competition against physical Renminbi may still result into the so-called narrow banking problem.Moreover,competition from other electrical payment instruments suggests that digital Renminbi has not been able to demonstrate its competition advantages.Consequently,it is recommended to establish digital Renminbi’s limited legal tender,unique basic interest rates and zero charge for payment.