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China's CBDCs Could Incorporate Deposits and Savings with Programmable Features, Says Regulator

China's foreign exchange regulator, Lu Lei, has suggested that programmable features in central bank digital currencies (CBDCs) could transform monetary policy. These features could elevate CBDCs from a mere cash in circulation to incorporating deposits and savings, potentially reshaping the global financial landscape. Lu Lei believes that the People's Bank of China (PBOC) will be at the forefront of exploring these programmable features, enabling the bank to manage the macroeconomy. China has already initiated practical steps in cross-border CBDC utilization, with transactions using China's e-CNY reaching a significant milestone of 1.8 trillion yuan.

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