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Hamza Ahmed

China's e‑CNY Begins Paying Interest on 1 January 2026, Challenging CBDC Norms

On 1 January 2026, China's digital yuan began accruing interest at sight deposit rates, marking a break with the non‑interest CBDC model. The People's Bank of China's plan applies to verified wallets for individuals and firms, with payouts on the 20th day of the last month of each quarter. Anonymous category 4 wallets are excluded, signaling a shift from M0‑like "digital cash" toward M1‑style demand deposits.
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