1、 FINTECH NOTE Implications of Central Bank Digital Currency for Monetary Operations Prepared by Tansaya Kunaratskul,Andr Reslow,and Manmohan Singh October 2024 International Monetary Fund.Not for Redistribution ii 2024 International Monetary Fund Implications of Central Bank Digital Currency for Mon

2、etary Operations Note 2024/007 Prepared by Tansaya Kunaratskul,Andr Reslow,and Manmohan Singh*DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers on important issues.The views expressed in Fintech Notes are those of the author(s)and do not necessarily represent the

3、 views of the IMF,its Executive Board,or IMF management.RECOMMENDED CITATION:Kunaratskul,Tansaya,Andr Reslow,and Manmohan Singh.2024.“Implications of Central Bank Digital Currency for Monetary Operations”IMF Fintech Note 2024/007,International Monetary Fund,Washington,DC.Publication orders may be pl

4、aced online,by fax,or through the mail:International Monetary Fund,Publications Services P.O.Box 92780,Washington,DC 20090,USA Tel.:(202)623-7430 Fax:(202)623-7201 E-mail:publicationsimf.org bookstore.IMF.org elibrary.IMF.org *This note was written under the supervision of Dong He and Tommaso Mancin

5、i-Griffoli with Tansaya Kunaratskul as the lead author.The report has benefited from contributions of several IMF staff members,especially thanks to Mahmoud Abouelmakarem for data assistance,as well as comments from several IMF member countries.International Monetary Fund.Not for Redistribution iii

6、Contents Acronyms/Glossary.iv Introduction.1 A Primer on Monetary Operations.3 Implications of Central Bank Digital Currency for Monetary Operations.6 Three Scenarios of Central Bank Digital Currency Substitution.6 Effects on Short-Term Interest Rates.9 Adapting Monetary Operations and Central Bank