Mu Changchun emphasizes reforming the digital yuan to address macro-level monetary capacity and micro-level incentive alignment, while exploring token strings and a unified global ledger for economic integration.
Mu Changchun, Director of the PBOC Digital Currency Research Institute, stated that the digital yuan requires reforms to strengthen macro-level monetary derivation and improve micro-level responsibility, rights, and benefits alignment. He warned that prolonged holding of non-interest-bearing assets erodes money’s time value. Future plans include using token strings and a unified global ledger to enhance the currency’s role in serving the real economy.