信用货币制度、数字人民币和人民币国际化——从“数字钱包”到“多边央行数字货币桥”

Credit Currency System, Digital RMB and RMB Internationalization——From "Digital Wallet" to "m-CBDC Bridge"

随着比特币和天秤币的出现,主权国家发行数字法币已经成为顺应数字经济的发展趋势,我国数字人民币的研究与应用处于全球领先地位。从法律属性上看,在虚拟货币受到严格管制的背景下,数字人民币可能成为我国境内唯一具有法偿性的数字货币。从功能上看,数字人民币在运营架构、账户结构和使用范围等多维设计上提升其普惠性、高效性、便捷性。同时,“多边央行数字货币桥”作为中国人民银行参与构建数字人民币跨境支付网络的探索性项目,有望解决传统跨境支付和结算的痛点,为数字人民币的国际化搭建有利平台。但是,在“一超多元”的国际货币格局下,数字人民币及其跨境支付体系能在多大程度上推动人民币国际化,仍然取决于人民币可兑换性、资本管制程度、资本市场开放度等根本因素。只有继续开放贸易和金融市场、提升人民币国际信用、增强综合国力,才能在金融科技的加持下推进人民币国际化,使数字人民币在未来CBDC的国际竞争中占有综合优势。

With the emergence of Bitcoin and Libra, the issuance of digital fiat currency by sovereign countries has become the development trend of the digital economy. The research and application of China’s digital RMB is in a leading position in the world. From the perspective of legal attributes, in the context of the strict regulation of virtual currency, the digital RMB may become the only digital currency with legal compensation in China. In terms of functions, digital RMB improves its universality, efficiency and convenience in multi-dimensional design such as operation structure, account structure and usage scope. At the same time, "m-CBDC Bridge", as an exploratory project of the People’s Bank of China to participate in the construction of a digital RMB cross-border payment network, is expected to solve the key points of traditional cross-border payment and settlement, and build a favorable platform for the internationalization of digital RMB. However, under the "super-diversity" international currency structure, the extent to which the digital RMB and its cross-border payment system can promote the RMB internationalization still depends on fundamental factors, such as the convertibility of the RMB, the degree of capital controls, and the openness of the capital market. Only by continuing to open up trade and financial markets, enhancing the international credit of the RMB, and strengthening comprehensive national power can we advance the internationalization of the RMB with the support of financial technology and give the digital RMB a comprehensive advantage in the international competition of the future CBDC.