The Role Mechanism of Digital RMB to Promote Cross-border Capital Management Innovation
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.
Central Bank Digital CurrencyDigital RMBSmart ContractCross-border Capital Management
万方数据
维普
