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It’s a Tuesday!
Hello, Curse and Coffee friends,
Today, we explore an interest-bearing digital Yuan.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
The take: China just turned its central bank digital currency into a savings product — the first country to do so — because pilot programmes couldn't break Alipay and WeChat Pay's grip on the market.
What happened: Starting January 1, commercial banks will pay interest on digital yuan wallet balances, transforming the e-CNY from digital cash into deposit money. Deputy Governor Lu Lei announced the overhaul in the state-affiliated Financial News on Monday.
Why it matters: This reclassifies the digital yuan from M0 (cash in circulation) to M1 (cash plus demand deposits). A fundamental redesign. Digital yuan balances will now be covered by China's deposit insurance system, giving users the same protections as traditional bank accounts.
What to watch: Demand deposit rates at China's largest banks sit at 0.05%. If digital yuan wallets offer even marginally better rates, Beijing has a lever to pull users away from private platforms. The PBOC hasn't announced specific rates yet.
A decade of pilots couldn't crack the duopoly. Turns out the secret weapon is a savings account.
Sponsor Break
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