Central Bank: In 2019, we will further promote the research and development of central bank digital currency

On February 21, 2019, the People's Bank of China held its 2019 National Currency, Gold and Silver Work Conference in Xiamen, Fujian. At the meeting, Fan Yifei, member of the Party Committee and Deputy Governor of the People's Bank of China, pointed out that it is necessary to increase reform and innovation, deepen the research and development of central bank digital currency, further improve the commemorative coin issuance mechanism, explore diversified issuance fund storage models, and promote the transformation of banknote processing business.

Original title: Focus on overcoming difficulties and promote the currency, gold and silver work to a new journey - the People's Bank of China held the 2019 National Currency, Gold and Silver Work Conference

The full text is as follows:

On February 21, 2019, the People's Bank of China held its 2019 National Currency, Gold and Silver Work Conference in Xiamen, Fujian. The conference comprehensively summarized the achievements of currency, gold and silver work in 2018, deeply analyzed the current situation and challenges, and made arrangements for key tasks in 2019. Fan Yifei, member of the Party Committee and Deputy Governor of the People's Bank of China, attended the meeting and delivered a speech.

The meeting fully affirmed the achievements made in currency, gold and silver work in 2018. Under the correct leadership of the Party Committee of the People's Bank of China, the currency, gold and silver system of the People's Bank of China has strengthened its responsibility, established a multi-dimensional cash statistics system, strengthened cash operation forecast analysis and special research, continued to carry out work to improve the cleanliness of the RMB, and continuously improved cash services. Steadily promote the research and development of the central bank's digital currency, continue to promote the reform of commemorative coin issuance, continuously deepen the transformation of the issuance warehouse management and banknote processing business, and carry out in-depth non-standard gold and silver inventory and currency history research. Vigorously rectify the behavior of refusing to accept cash, resolutely rectify the irregularities in the issuance of commemorative coins (banknotes), actively study and promote large-value cash management, strengthen the security of the issuance warehouse and the management of cash machines, increase the crackdown on counterfeit currency crimes, strengthen the monitoring and disposal of virtual currencies, and strengthen the management of the circulation order of RMB.

Fan Yifei pointed out that the current transformation of monetary gold and silver work is at a critical juncture of climbing up the mountain and crossing the hurdle. The factors affecting cash operation are complex and changeable, and the structural changes in the regional, temporal and institutional distribution of cash demand are more prominent, which puts forward higher requirements for the in-depth investigation and accurate prediction. There is still a gap between the current cash service and the needs of the people's livelihood. The level of marketization and socialization needs to be further improved. The internal and external management of the monetary gold and silver system needs to be improved. The supervision concept and means need to be innovated. The ability to serve the real economy and prevent and resolve financial risks needs to be comprehensively strengthened. The monetary gold and silver system must recognize the situation, face the challenges, conscientiously summarize the experience and shortcomings in recent years, and persevere in deepening the transformation work.

Fan Yifei emphasized that 2019 is a year of hard work for currency, gold and silver work to further promote transformation and development. The currency, gold and silver system of the People's Bank of China should be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Communist Party of China, the Central Economic Work Conference and the deployment of the People's Bank of China Work Conference, fully consolidate the previous transformation results, continue to deepen the transformation and reform of currency, gold and silver business, and comprehensively improve the service and management level of currency, gold and silver. First, increase the intensity of investigation and research, comprehensively promote the cash statistics system, actively introduce new investigation and research methods, and improve the foresight and scientific nature of currency, gold and silver work. Second, improve the level and efficiency of serving the real economy, do a good job in the relevant work of the fifth set of RMB upgrades, respond to social concerns in a timely manner, effectively improve the cleanliness of RMB in circulation, and improve the level of scientific and technological management of currency, gold and silver. Third, increase the intensity of reform and innovation, deepen the research and development of the central bank's digital currency, further improve the issuance mechanism of commemorative coins, explore a diversified issuance fund storage model, and promote the transformation of banknote processing business. Fourth, focus on maintaining the order of cash circulation, continue to promote the trial of large-value cash management, establish a long-term mechanism for rectifying the refusal to accept cash, improve the cash machine management mechanism, further promote the focus of anti-counterfeit currency work, and strengthen virtual currency monitoring and supervision.

Fan Yifei required that the monetary gold and silver system should pay close attention to party building, adhere to the overall leadership of party building, unify thoughts and understandings, improve political standing, and form a pattern of joint progress between party style and clean government construction and business work. We should conscientiously implement the deployment of the 2019 disciplinary inspection and supervision work conference of the People's Bank of China and the State Administration of Foreign Exchange, investigate and rectify the shortcomings and weak links in the comprehensive and strict party governance and anti-corruption struggle within the system one by one, face up to unreasonable phenomena and violations of regulations and disciplines, strictly enforce work discipline, attach importance to early and small-scale, and deeply promote the prevention and control of corruption risks.

Responsible persons from relevant departments and units of the People's Bank of China, responsible persons in charge of currency, gold and silver work of each branch and relevant responsible persons of state-owned commercial banks attended the meeting.