关键词: 数字人民币, 挤出效应, 流动性创造, 银行竞争, 同业业务

Abstract: e-CNY is an important product driving the high-quality development of China’s digital economy. Its characteristics, such as substituting cash in circulation and offering secure and convenient payment functions, create an innovative impact on traditional deposit-lending business of commercial banks. Based on the Neomonetarist Model, we analyze cash-like Digital RMB, bank competition, and interbank business within a unified analytical framework, using data from 2016-2023 of Chinese commercial banks to apply a multi-period difference-in-differences model. Results indicate that the issuance of e-CNY exerts a“crowding-out effect”on bank deposits, which will reduce the liquidity creation of commercial banks. This effect is realized through two channels: bank competition and participation in interbank business. Further research reveals that the issuance of the e-CNY primarily affects commercial banks' liquidity creation on the liability side. Therefore, while actively promoting the issuance and implementation of e-CNY, the central bank should dynamically adjust capital allocation within the banking system and the real economy. Additionally, it’s advisable for commercial banks to promote the development of hybrid digital financial products and flexibly integrate with e-CNY application scenarios, thereby balancing the shock of innovation with business stability. Finally, regulatory authorities should improve the corresponding regulatory framework and prioritize information security in the digital currency context.

Key words: e-CNY, crowding-out effect, liquidity creation, bank competition, interbank business