The People’s Bank of China recently held a symposium on the pilot work of digital renminbi research and development, requiring that the scope of the pilot be expanded in an orderly manner, and Tianjin, Chongqing, Guangzhou, Guangdong, Fuzhou, Xiamen, and Zhejiang should be added to the existing pilot areas. The 6 cities hosting the Asian Games are used as pilot areas, and Beijing and Zhangjiakou City in Hebei Province will be converted into pilot areas after the 2022 Beijing Winter Olympics and Winter Paralympics scenarios are completed.
Experts said that the participation of more regions in the pilot will help the digital renminbi to be tested and applied on a larger scale, which can further test the performance of the digital renminbi system, and related application scenarios are expected to continue to expand.
The scope of the pilot project has been expanded in an orderly manner
“From the perspective of the scope of pilot cities, the newly added pilot cities cover relevant cities in North China, Southwest China, South China and East China, which form a good complement to the previous pilot cities.” Xia Yingtao, an analyst at Essence Securities, said that the scope of pilot cities for digital renminbi At present, it has covered East China, South China, North China, Southwest China, Northwest China, Northeast China and other regions, forming a development pattern spread across the country.
Xia Yingtao said that the newly added pilot cities include 6 cities in Zhejiang Province hosting the Asian Games, which fully reflects the importance of the Asian Games scene in the digital RMB pilot. Combined with the pilot and demonstration role of the 2022 Beijing Winter Olympics and Winter Paralympic Games, the Asian Games will become another important window for the international display of digital renminbi, and the application scenarios of digital renminbi around the Asian Games are expected to continue to expand.
Recently, the People’s Bank of China has frequently mentioned the digital renminbi. For example, the 2022 video conference on currency, gold, silver and security held by the People’s Bank of China pointed out that the pilot project of digital renminbi research and development will be steadily promoted, the scope of the pilot project will be expanded in an orderly manner, the design and use will be continuously improved, and the management system framework will be gradually established.
As the pilot enters the “third stage” covering more regions and a wider range of people in the future, the digital renminbi will put more emphasis on the in-depth penetration of users’ daily lives. Industry insiders said that at this stage, the development trend of digital renminbi and Internet integration will be more significant, and Internet platforms with rich consumption scenarios will surely play a more important role in boosting the popularization of digital renminbi. The two will develop synergistically and integrate deeply. At present, digital renminbi has formed a number of application models covering online and offline, replicable and popularization in the fields of wholesale and retail, catering, cultural tourism, and government affairs payment.
“While enriching offline payment scenarios, digital renminbi will focus on online development, connecting e-commerce and online and offline payment models. Given the characteristics of the Greater Bay Area connecting Hong Kong and Macau, digital renminbi may also do more in cross-border payments. Trying to enrich cross-border trade payment methods will become an important way of RMB internationalization.” said Pan Helin, co-director of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Business School.
Related industry chain companies will benefit
Experts believe that as the scope of the digital renminbi pilot is expanded again, relevant industry chain companies will benefit significantly.
From the perspective of digital renminbi industry chain companies, Ping An Securities analyst Wang Weiyi said that the expansion of digital renminbi pilot areas and the gradual liberalization of scenarios will bring better payment experience and richer cross-border payment scenarios, involving digital renminbi hardware and software. Companies in the industry chain of products or systems will benefit significantly. On the one hand, hardware manufacturers will benefit from the market opportunities brought by the digital yuan. As the acceptance of digital renminbi continues to increase, digital renminbi-related hardware developers will have the opportunity to obtain more orders and boost performance. On the other hand, related software manufacturers will also benefit from the business growth brought about by the upgrade of the financial system.
From the perspective of investment scale, the Essence Securities report believes that the development of digital renminbi is expected to drive an investment scale of over 100 billion yuan. We can pay attention to the investment opportunities of financial equipment companies, bank IT companies, payment institutions, encryption algorithm companies, application scenario companies and other related listed companies. . The China Merchants Securities report believes that the terminal hardware upgrade may bring a market scale of tens of billions, and the extension of application scenarios overseas will bring overseas development opportunities for digital RMB IT solution providers.
From the perspective of commercial banks, Dong Ximiao, chief researcher of China Merchants Union Finance, said that commercial banks should accelerate their integration into the digital renminbi ecosystem, strengthen digital renminbi-based system development, product design, scenario expansion, market promotion, operation and maintenance, etc. Preparations for the official issuance of RMB.Return to Sohu, see more
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