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Bulletin of Chinese Academy of Sciences (Chinese Version)

Keywords

financial technology (fintech), electronic Chinese yuan (e-CNY), central bank digital currency (CBDC), safe haven asset, financial infrastructure, cross-border payment

Document Type

Strategy & Policy Decision Research

Abstract

Financial technology (fintech) is a key variable reshaping national financial competitiveness, and promoting the digital upgrade of the monetary system is a core task in building a financially strong nation. As a pivotal component of the monetary system, the electronic Chinese yuan (e-CNY), based on its inherent fintech attributes, serves as a critical practice for driving the monetary system towards a more advanced stage of evolution. Currently, the traditional monetary system faces three major challenges: low efficiency and high risks in cross-border payments, structural attenuation in monetary policy transmission, and a lack of digital safe-haven assets. Starting from the pilot practices of the e-CNY, this paper analyses its three core fintech characteristics—the centralized-distributed hybrid architecture, programmability, and account-Token hybrid design—and elaborates on the solutions it provides to address the aforementioned challenges. This study systematically establishes the strategic positioning and development path of the e-CNY. Finally, it proposes recommendations for the high-quality and sustainable development of the e-CNY.

First page

333

Last Page

341

Language

Chinese

Publisher

Bulletin of Chinese Academy of Sciences

References

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