China’s Big State-owned Banks Launch “Smart Management” Option for Digital Renminbi Wallets


Some of China’s leading banks are incorporating additional functionality into the smart phone used for the Chinese central bank digital currency (CBDC), commonly referred to as the digital renminbi.

Several of the big state-owned banks, including Agricultural Bank of China (ABC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) have added “smart management” functionality to the digital renminbi wallets included as part of their mobile banking apps.

The smart management function supports the automatic conversion of the balances in their digital renminbi wallets into money in their bank accounts.

With the ICBC digital renminbi wallet for example, users can set a specific time period and amount for automatic conversion into bank deposit funds, or stipulate automatic conversion once the wallet’s balance exceeds a set threshold.

Domestic observers say the move will help users with their everyday wealth management needs, given that the digital renminbi is currently confined mainly to small-sum retail usage and does not accrue interest.

Some of the big state-owned banks have also launched “combined payments” (组合支付) options that involve linking bank accounts to digital renminbi wallets, so that the bank account balance can be used to supplement shortcomings in the wallet’s balance during process of making.