Viewpoint: From the perspective of monetary policy, the central bank's digital currency interest rate can become an independent monetary policy tool

Xiao Xiaolin, an assistant professor in the Department of Applied Economics, Guanghua School of Management, Peking University, and Dong Mei, an associate professor in the Department of Economics at the University of Melbourne in Australia, jointly analyzed and wrote on the FT Chinese website. First, the design of the central bank's digital currency is very critical, and different designs will lead to very different policy transmission Effect and macroeconomic impact. Secondly, in the initial stage of the central bank's digital currency issuance, if it coexists with cash, it is necessary to ensure that the two can coexist through related designs. Third, from the perspective of monetary policy, the central bank's digital currency interest rate can become an independent monetary policy tool.