CICC: The central bank's digital currency will impact the existing pattern of commercial banks and payment institutions

A few days ago, CICC released a question entitled "What changes will the central bank's digital currency bring? Research report. CICC believes that the issuance of central bank DC/EP will accelerate the differentiation of commercial banks and payment institutions at the industrial level; in macroeconomic policy formulation, the central bank's money supply and its structure, circulation speed, currency multiplier, time and space distribution, etc. The measurement is more accurate, which in turn improves the accuracy of monetary policy operations.