法定数字货币对现行货币体制的优化及其发行设计

Central Bank Digital Currency:Optimization of Currency System and Its Issuance Design

法定数字货币有助于优化传统法币支付功能,缓解对私人部门支付服务的依赖,减少央行监管负担和压力,提高法定货币地位。同时,法定数字货币的发行还可解决货币政策传导不畅、逆周期调控困难、货币"脱实向虚"、政策预期管理不足等现代货币政策困境。本文设计了法定数字货币发行的"前瞻条件触发"机制,"时点条件触发""流向主体条件触发""信贷利率条件触发"的货币生效设计可以实现货币政策实时传导、货币精准定向投放,避免货币空转;"经济状态条件触发"的设计可以实现逆周期货币调控;内置这些前瞻条件也使货币本身兼具前瞻指引功能。

Central Bank Digital Currency （CBDC） contributes to optimizing payment function of fiat money, to reducing reliance on payment service provided by private sector, to alleviating regulatory burdens and pressure of central bank and to strengthening the authority of fiat money. Moreover, issuing CBDC helps to address dilemmas of modern monetary policies including inefficiencies in policy transmission, difficulties in counter-cyclical control, flow of currency away from real economy to virtual economy and inadequate management of policy expectations. This paper proposes a CBDC issuance design based on ＂forward contingents＂ . The incorporation of ＂time contingent＂, ＂sector contingent＂ and ＂loan rate contingent＂ in the activation of CBDC will realize real-time transmission of monetary policy, enable targeted supply of money and prevent currency from circulating beyond real economy. The ＂economic state contingent＂ makes it possible to exercise counter-cyclical control of currency. Embedment of those contingents also enables currency to perform the function of forward guidance.