CITIC Securities said in the research report that according to media reports, the central bank's digital currency DCEP has currently undergone internal testing in some banks. The first pilot areas include Suzhou, Xiong'an, Chengdu and Shenzhen. It is expected that there will be technical feasibility and policy guidance for going online during the year. The test period of bank technology projects is generally between half a year and one year. From top to bottom, it is more likely that the central bank's digital currency will go online during the year. In the medium and long term, it will reach a trillion scale. At present, the domestic M0 scale is 8.3 trillion (the growth rate has dropped to less than 5% year by year). As a partial replacement for M0, it is expected that the central bank ’s digital currency will be on the trillion scale, subject to customer habits and technical conditions The limit depends on the scale of cash transaction replacement and the scale of electronic payment replacement.