The JDB Report is discussing important moves by China to augment its central-bank digital currency, the e-RMB (also known as the e-CNY or e-yuan). See our report on two groundbreaking initiatives that the People’s Bank of China launched at the start of 2026.
Richard Turrin is an independent analyst and consultant on fintech, AI, and innovation, based in Shanghai. He is also author of the book “Cashless China’s Digital Currency Revolution”. He began his career working on structured products for various banks and capital markets teams, and also worked on fintech projects for IBM in Singapore. Follow his writing at https://richturrin.substack.com.
Timecodes
0:00 - Rich Turrin
1:38 - China announced banks can add a yield on top of CBDC. Who is this meant to encourage to adopt the e-RMB? Retail versus wholesale.
5:27 - Why Rich says this won’t make a difference to retail depositors. What is the role of commercial banks in issuing? Central bank versus commercial bank accounting.
9:18 - What banks can do with e-RMB deposits, and the importance of banks in embedding e-RMB in society.
10:46 - Is this actually a CBDC, or a tokenized deposit by commercial banks?
12:56 - Can international stablecoins interoperate with the e-RMB?
16:07 - Why will foreigners want to use the e-RMB for trade payments and settlement?
19:06 - The role of banks and wallet players: BAU.
20:35 - Carbon initiatives being piloted to reward users for social behavior and where this could go.
24:56 - What to look for in 2026 for China’s CBDC, especially in international markets and the mBridge program connecting multiple CBDCs.
30:01 - Where to find more of Rich’s work.
