China News Service, Beijing, April 17 (Reporter Xia Bin) The "2022 Tsinghua PBCSF Global Financial Forum" was held from the 15th to the 17th. Zhou Xiaochuan, president of the China Society for Finance and Banking and former governor of the People's Bank of China, responded to the outside world when attending the forum. Regarding the five hot issues of digital currency, it is particularly emphasized that if technology companies want to participate in digital currency or payment systems, they must move closer to high standards and cannot play tricks.

　　One question: How to distinguish and evaluate the feasibility and stability of CBDC (central bank digital currency) and commercial bank M1 currency?

Some people say that the central bank's currency is stable, it issues M0 currency, and the M1 currency in commercial bank accounts is commercial currency and does not have 100% stability.

"This statement may actually have certain problems and is questionable, and it is also likely to cause some confusion in trust." Zhou Xiaochuan said.

　　He said that although it is less than 100%, the currency of commercial banks has a very high degree of stability, and the central bank's currency itself is not 100% stable, and its stability depends on purchasing power.

　　He further stated that if third-party institutions represented by large technology companies and financial technology companies also want to make digital currencies or participate in payment systems, they must pay attention to integrity, not be clever, and move closer to high standards to varying degrees, such as very high standards. High capital adequacy ratio, deposit reserve requirement, deposit insurance mechanism, strong supervision and corporate governance, because once it deviates from the above standards, there will be problems with the stability of the company, which will affect the stability of the entire system.

　　Second question: How to understand the Chinese central bank's emphasis on the M0 positioning of the digital yuan?

Zhou Xiaochuan said that, first of all, it is emphasized that the research and development of digital currency is to replace M0, indicating that it wants to focus on the retail link, especially to provide greater convenience to the public with the help of the Internet and mobile Internet terminals.

　　Second, the central bank manages M0 and manages M1 in different departments.

"The cost of research and development and the cost of pilot projects are all managed. Therefore, the positioning of M0 also prevents everyone from disrupting the battle." Zhou Xiaochuan said.

　　Thirdly, in the current central bank and financial system, M1 operates relatively normally, and there is not much room for further improvement. Positioning at M0 can avoid impact on the normally operating M1 system.

　　Three questions: Should China's central bank speed up and issue more digital currencies?

Some people mentioned that, especially cross-border digital currency, this is also related to the current geopolitical issues, and it is hoped that digital currency can play a certain role in this regard.

　　"You can decide how much money you print, but whether it can go out and circulate depends on the application." Zhou Xiaochuan also pointed out that if other payment tools are used well, M0 will drop. , they are all account-based funds, and everyone feels that there is no need to take so much cash, and there is a substitute relationship.

　　Zhou Xiaochuan mentioned that there are many international discussions now that China's digital currency is developing rapidly and is a "great weapon" in the future, but currency issuance is the liability side of the balance sheet, and the central bank must use institutional guarantees, commitments and back-up support. From this perspective, it is not so easy to apply digital currency to other aspects, especially geopolitical issues.

　　Fourth question: At present, there are various schemes and competitive selection of various products in digital currency. It may take a process to require it to be versatile. How should we grasp this relationship?

Zhou Xiaochuan said that it is impossible to emphasize a high degree of consistency at the beginning, and it is impossible to decide in advance who will make the standards. Advanced standards are not formulated. Only in practice, multiple schemes are run in parallel, so that they can compete and choose the best, and at a certain stage Only after some institutions enhance the commonality can it be forced or semi-mandatory to promote interoperability.

　　Question 5: Does digital currency have to have legislation and international standards?

"This wish is good, but it is impossible to make the legislation so clear in the process of research and development and innovation." Zhou Xiaochuan pointed out that the People's Bank of China Law stipulates that the People's Bank of China is responsible for issuing RMB, managing the circulation of RMB, and maintaining payment. For the normal operation of the clearing system, the digital currency is developed and belongs to the RMB, so it does not say that legislation must be made first, and there can be no digital RMB without legislation.

　　He also said that the issuance of currency is a matter of sovereignty and does not involve international standards. Although it is hoped that international organizations can play a role, especially in guiding and establishing order in cross-border payment standards, there is no legal requirement that it must be There are international standards before it can be done.

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