数字人民币推进跨境资本管理创新的作用机制

The Role Mechanism of Digital RMB to Promote Cross-border Capital Management Innovation

我国央行数字货币(CBDC)在提升货币政策与跨境资本管理效能方面蕴含可观的创新潜力。与其他国家CBDC相比,数字人民币(e-CNY)体现了我国金融科技发展的特色和优势,契合我国经济实际和金融高质量发展需求。未来数字人民币还可在提升货币政策传导效率、促进金融包容性、增强宏观经济政策跨领域协同性等方面发挥更积极的作用,助力实现高水平和高效能的跨境资本管理(CFMs)。在CBDC框架下实施资本流动管理的三个层级分别为用户界面层、央行架构层和跨境平台层。技术层面挑战与先发优势实现、相关法律与制度有待完善、国际货币体系环境限制、数据治理共识与国际标准缺失,是数字人民币进一步发展面临的主要挑战。未来需要持续优化数字人民币的技术链,完善相关法律与制度,积极参与多边协商和机制创新,加强与其他国家的数字货币合作,审慎评估和设计数字货币的治理机制,妥善弥合分歧,为全球CBDC的数据治理一致性贡献“中国方案”。

China’s central bank digital currency(CBDC)has considerable innovation potential in enhancing the effectiveness of monetary policy and cross-border capital management.Compared with CBDCS from other countries,the digital RMB(e-CNY)reflects the characteristics and advantages of China’s financial technology development,aligning with China’s economic reality and the demand for high-quality financial development.In the future,the digital RMB can also play a more positive role in improving monetary policy transmission efficiency,promoting financial inclusion,and enhancing the cross-field coordination of macroeconomic policies,thereby facilitating high-level and efficient cross-border capital management(CFMs).The three levels of capital flow management under the CBDC framework are user interface layer,CBDC architecture layer and cross-border platform layer.The main challenges facing the further development of digital RMB include technical challenges and the realization of first-mover advantages,the need for improvement in relevant laws and systems,environmental limitations of the international monetary system,and the lack of consensus on data governance and international standards.In the future,it is necessary to continue to optimize the technological chain of digital RMB,improve relevant laws and systems,actively participate in multilateral consultations and mechanism innovation,strengthen cooperation with other countries in digital currency,prudently evaluate and design the governance mechanism of digital currency,properly bridge differences,and contribute“China’s solution”to the consistency of global CBDC data governance.