HKUBS_Standard_Coloured_Shield_Blue_Text_Logo - 380
  • Global Presence
  • About Us
        • About us about us
        • A Premier Business School in Asia with Global Influence
        • Overview
          • Message from the Dean
          • Vision & Mission
          • Milestones
          • Partnerships & Global Network
          • Beta Gamma Sigma HKU Chapter
          • Rankings & Accreditations
          • Corporate Collaboration
        • Leadership
          • Faculty Management
          • International Advisory Council
        • Our Stories
        • Contact Us
        • Staff Portal
        • Campuses
  • Programmes
        • Programmes programmes
        • Diversified Learning Experience Empowers our Students
        • Undergraduate
        • Masters
          • MAA
          • MAcct
          • MCGRM
          • MEcon
          • MFWM
          • MFin
          • MFFinTech
          • MGM
          • MSAF
          • MSc(BA)
          • MScMktg
          • MWM
        • MBAs & EMBAs
          • MBA
          • IMBA
          • HKU EMBA
        • PhD
        • Executive Education
        • DBA
  • People
        • People people
        • International Faculty Body that Offers Quality Education
        • Faculty
        • Post-Doctoral Fellows
        • Demonstrators/ Teaching Assistants
        • Research Postgraduate Students
        • Administration
  • Research
        • Research research
        • Lead the Frontier of Knowledge Creation
        • Thought Leadership
          • Latest Research Publications
          • HKEJ Column
          • FT Chinese Column
          • In the Media
        • Academic Areas
        • Faculty Members
        • Research Grants
        • Seminars & Conferences
          • Edward K Y Chen Distinguished Lecture Series
        • Research Centres & Institutes
        • Hong Kong Macroeconomics Forecast
        • HKU Knowledge Exchange
        • HKU Scholars Hub
        • Shenzhen Research Institutes
  • Events
  • Media
        • Media media
        • Inspire the Society and Community with Rigorous Insights
        • School News
        • In the Media
        • Press Release
  • Career
        • Career career
        • Fostering Strategic Partnerships and Talent Development
        • Recruit our Talents
        • Student Career Development
        • Career Opportunities
          • Faculty Recruitments
          • HKU Career Site
  • 繁
  • 简
Type To Search
HKUBS_Standard_Coloured_Shield_Blue_Text_Logo - 380
Type To Search
  • Global Presence
  • About Us
        • About us about us
        • A Premier Business School in Asia with Global Influence
        • Overview
          • Message from the Dean
          • Vision & Mission
          • Milestones
          • Partnerships & Global Network
          • Beta Gamma Sigma HKU Chapter
          • Rankings & Accreditations
          • Corporate Collaboration
        • Leadership
          • Faculty Management
          • International Advisory Council
        • Our Stories
        • Contact Us
        • Staff Portal
        • Campuses
  • Programmes
        • Programmes programmes
        • Diversified Learning Experience Empowers our Students
        • Undergraduate
        • Masters
          • MAA
          • MAcct
          • MCGRM
          • MEcon
          • MFWM
          • MFin
          • MFFinTech
          • MGM
          • MSAF
          • MSc(BA)
          • MScMktg
          • MWM
        • MBAs & EMBAs
          • MBA
          • IMBA
          • HKU EMBA
        • PhD
        • Executive Education
        • DBA
  • People
        • People people
        • International Faculty Body that Offers Quality Education
        • Faculty
        • Post-Doctoral Fellows
        • Demonstrators/ Teaching Assistants
        • Research Postgraduate Students
        • Administration
  • Research
        • Research research
        • Lead the Frontier of Knowledge Creation
        • Thought Leadership
          • Latest Research Publications
          • HKEJ Column
          • FT Chinese Column
          • In the Media
        • Academic Areas
        • Faculty Members
        • Research Grants
        • Seminars & Conferences
          • Edward K Y Chen Distinguished Lecture Series
        • Research Centres & Institutes
        • Hong Kong Macroeconomics Forecast
        • HKU Knowledge Exchange
        • HKU Scholars Hub
        • Shenzhen Research Institutes
  • Events
  • Media
        • Media media
        • Inspire the Society and Community with Rigorous Insights
        • School News
        • In the Media
        • Press Release
  • Career
        • Career career
        • Fostering Strategic Partnerships and Talent Development
        • Recruit our Talents
        • Student Career Development
        • Career Opportunities
          • Faculty Recruitments
          • HKU Career Site
HKUBS_Standard_Coloured_Shield_Blue_Text_Logo - 380
  • Global Presence
  • About Us
    • Overview
      • Message from the Dean
      • Vision & Mission
      • Milestones
      • Partnerships & Global Network
      • Beta Gamma Sigma HKU Chapter
      • Rankings & Accreditations
      • Corporate Collaboration
    • Leadership
      • Faculty Management
      • International Advisory Council
    • Our Stories
    • Contact Us
    • Staff Portal
    • Campuses
  • Programmes
    • Undergraduate
    • Masters
      • MAA
      • MAcct
      • MCGRM
      • MEcon
      • MFWM
      • MFin
      • MFFinTech
      • MGM
      • MSAF
      • MSc(BA)
      • MScMktg
      • MWM
    • MBAs & EMBAs
      • MBA
      • IMBA
      • HKU EMBA
    • DBA
    • PhD
    • Executive Education
  • People
    • Faculty
    • Post-Doctoral Fellows
    • Demonstrators/ Teaching Assistants
    • Research Postgraduate Students
    • Administration
  • Research
    • Thought Leadership
      • Latest Research Publications
      • HKEJ Column
      • FT Chinese Column
      • In the Media
    • Academic Areas
    • Faculty Members
    • Research Grants
    • Seminars & Conferences
      • Edward K Y Chen Distinguished Lecture Series
    • Research Centres & Institutes
    • Hong Kong Macroeconomics Forecast
    • HKU Knowledge Exchange
    • HKU Scholars Hub
    • Shenzhen Research Institutes
  • Events
  • Media
    • School News
    • In the Media
    • Press Release
  • Career
    • Recruit our Talents
    • Student Career Development
    • Career Opportunities
      • Faculty Recruitments
      • HKU Career Site

HKEJ Column

Home Research Thought Leadership HKEJ Column
Digital Currency, poised to take off

Digital Currency, poised to take off

29 Sep 2021
Share on TwitterShare on FacebookShare on WhatsappShare on LinkedInShare on Email
數碼貨幣 蓄勢待發

根據國際結算銀行2021年的調查,全球有86%的中央銀行正積極研究央行數碼貨幣(central bank digital currency)的潛力,14%的央行更已經開始推行試點項目 【註1】。在2021年年中,內地當局已開始在深圳、上海、蘇州等多個地區試推數字人民幣(e-CNY)【註2】;同期,香港金融管理局(金管局)亦宣布,研究在零售層面推出港元數碼貨幣(e-HKD)【註3】。

技術條件成熟

央行數碼貨幣是數碼化的現金,既具有傳統貨幣作為交易媒介、記賬單位的功能,又具備電子支付快速、無接觸的優點。更重要的是,央行數碼貨幣還具有離線支付及可經編定程序設定使用規則,如用途、失效日期等,大幅提高電子支付的效益。

傳統上銀行或電子錢包中的存款是私人公司的債務,或會為用戶帶來一定程度的信用風險。央行數碼貨幣則是政府的負債,由中央銀行提供信用保證,幾乎沒有交易對手風險(counterparty risk),這明顯有別於比特幣等加密貨幣。

在歐盟、加拿大等地,發行和管理現金的費用佔其本地生產總值的0.5%,在印度等發展中國家更可高達1.7%。央行數碼貨幣雖也涉及發行成本,但因採用電子技術而大大減低現金管理成本;其所用區塊鏈技術,亦可免除傳統交易的中介機構,加快交易速度。根據世界銀行的數據,現時國際跨境轉賬交易的成本約為7% 【註4】,亦即中介機構的利潤。央行數碼貨幣推出後,有助減省有關成本。

央行數碼貨幣有零售和批發之分。零售層面為市民大眾和企業而設,可提供電子支付之便。批發層面則供金融機構使用,其中多屬即時支付結算系統(real-time gross settlement system)的成員,適用於銀行之間結算,特別是跨境結算,這正是香港從傳統金融中心,轉型為數碼金融中心的核心基礎設施。

跨境金融跳板

在香港的零售層面,目前通行的電子支付工具有信用卡、八達通,以及電子錢包如PayMe、支付寶、WeChat Pay等。由於支付終端常須按交易金額比例繳納手續費,難免影響零售商戶的安裝意欲,窒礙全面推廣電子支付(參見筆者在本欄的上一篇文章 【註5】)。零售型央行數碼貨幣與現有電子支付方式的主要分別,在於前者由中央銀行提供信用保證,不需依賴銀行賬戶,因此不用實名登記,可保護個人私隱;並且支援離線交易、免費提款,在安全性、技術以及功能方面均為電子支付帶來突破。

環顧全球,零售型央行數碼貨幣主要用於本土市場,而香港與內地經濟聯繫密切,更能充分發揮兩地央行數碼貨幣的長處,跨境零售支付尤其受惠。最近中國人民銀行數字貨幣研究所與金管局,就數字人民幣在香港的使用進行技術測試,為通過央行數碼貨幣推動兩地零售支付邁出重要一步。金管局應繼續與人民銀行合作,推出內置數字人民幣與港元數碼貨幣的雙幣電子錢包,兼具兩種貨幣互相兌換的功能,以便利跨境消費和支付服務。

至於批發層面,特區政府應把握自身優勢,研究透過「多種央行數碼貨幣跨境網絡」(Multiple Central Bank Digital Currency Bridge)項目 【註6】,與世界各地的央行數碼貨幣連接,將香港發展成批發層面的央行數碼貨幣中心。央行數碼貨幣的跨境應用,可疏通粵港澳大灣區的資本流動,足以令香港和內地之間的跨境金融活動更上一層樓。

目前,深圳與香港股市互聯互通機制(「深港通」)的資金流動採取閉環式,內地投資者若要把香港股票轉為債券投資,須先賣出股票,讓資金通過「深港通」回流深圳,再以其他途徑投資香港的債券產品。這不但增添成本,更有坐失投資良機之虞。央行數碼貨幣有助解決這個問題,例如規定數字人民幣,只許用作購買已獲批准的幾類香港投資產品,讓在港投資的內地投資者,獲得較大靈活性之餘,同時滿足有關資本流向的監管要求。同樣,若股票通可使用央行數碼貨幣,跨境資金流向符合監管要求,就可適度放寬對南向投資的限制。

現時美國僅佔世界貨物出口總值8%,而全球貿易以美元結算的比率卻高達87%;反觀中國所佔的份額則分別為14%和2%。由此可見,人民幣作為國際貿易結算貨幣大有提升空間。央行數碼貨幣的發展,無疑是人民幣走向國際的一個有效方案。假以時日,隨着加入「多種央行數碼貨幣跨境網絡」的經濟體及有關貨幣日增,數字人民幣的海外使用和兌換將愈見方便。香港可憑藉其超級聯繫人的角色,促進數字人民幣和海外央行數碼貨幣的兌換,進而推動人民幣國際化。

公私協作效應

香港於2018年10月啟動的區塊鏈貿易平台「貿易聯動」【註7】,已先後與新加坡、歐洲及內地的相關平台合作,改善貿易流程,從而推廣貿易數碼化。「多種央行數碼貨幣跨境網絡」可陸續引入此類區塊鏈貿易平台,配合自身的貨幣兌換和跨境匯款服務,共同推動以數碼貨幣為核心的貿易金融發展。由於數碼金融系統仍然處於起步階段,金管局應以整體協同發展為基礎,制定完整發展策略,兼顧法律框架、風險管理等因素。國際結算銀行則可從中協調,為各國中央銀行提供交流平台。

有關推出港元數碼貨幣的研究目標,在於以低成本為市民提供新式而高效的零售支付選擇,而非為求取代現金、八達通、信用卡、「轉數快」等支付方式;金管局應加以深入研究,確保港元數碼貨幣與現行零售支付方式兼容。若要加快落實港元數碼貨幣,不妨考慮公私營合作模式,例如由覆蓋率甚廣的八達通與電子錢包供應商合作。金管局可參考數字人民幣的試點方案,從簡入手,如派發政府補貼、繳交公用事業賬單等,鼓勵市民使用電子錢包,並可減低款項被挪用的風險。再者,更可將補助金設定為只供消費用途,確保有助刺激經濟。長遠而言,央行數碼貨幣日後可用於各類公共服務,便利政府和市民。

打造多重效益

近年來,八達通雖已開始支援新的電子支付系統(如「轉數快」)增值,但系統故障時有發生,技術水平有待提升。該公司若能與金管局合作,推出港元數碼貨幣,則既有望改良支付技術,同時助推數碼經濟,一舉兩得。

在本港推廣金融教育,不但加深普羅大眾對央行數碼貨幣的認識,亦可增強這一新式貨幣的認受性,其作用毋庸置疑。央行數碼貨幣作為數碼金融的關鍵基礎設施,其發展端有賴業界的協調和合作。正當中國人民銀行審慎推動數字人民幣的跨境發展,香港萬勿錯失良機,更應悉力發揮其超級聯繫人的角色,由本地金融機構及政府部門致力推廣,務求令特區成為數字人民幣的重要中轉平台,促進人民幣國際化。

 

【註1】:”BIS Innovation Hub work on central bank digital currency“, Bank for International Settlements, 2021

【註2】:中國數字人民幣的研發進展白皮書,2021年7月

【註3】:金管局公布「金融科技2025」策略,2021年6月8日

【註4】:”An analysis of trends in cost of remittance services: Remittance Prices Worldwide“, The World Bank, March 2017

【註5】:〈電子支付 時代洪流〉,謝國生、何敏淙,《信報》,2021年9月15日

【註6】:有關「多種央行數碼貨幣跨境網絡」項目的聯合聲明,2021年2月23日

【註7】:貿易聯動

 

謝國生 港大經管學院金融學首席講師、新界鄉議局當然執行委員

何敏淙 港大經管學院經濟金融學助教

(本文同時於二零二一年九月二十九日載於《信報》「龍虎山下」專欄)

Thoughts on Hong Kong’s fiscal reserves22 Sep 2021
How should Hong Kong explore GBA’s unique I&T opportunities?13 Oct 2021
Trending
How Can Hong Kong Retailers Survive the Surge of Mainland E-commerce?
How Can Hong Kong Retailers Survive the Surge of Mainland E-commerce?
Prof. Xi LI
Recently, mainland e-commerce giants like Taobao, JD.com, and Pinduoduo have ramped up their efforts to include the Hong Kong market in their free shipping zones. In the past, Hong Kong residents had to use intermediary services to receive their orders, but the newly launched one-stop shopping services are naturally very popular.
4 Jun 2025
Faculty
HK Tourism IP and Pop Mart: A Lesson from Labubu
HK Tourism IP and Pop Mart: A Lesson from Labubu
Dr. Tingting FAN
Hong Kong saw a strong start in its tourism sector in the first quarter, and during the peak visitor numbers during China's May Day holiday. That said, the boom hasn't resulted in increased spending—visitors even found ways to save money, such as staying overnight at fast-food outlets. How can Hong Kong break the cycle of high visitor numbers but low revenue? Is there anything the industry could learn from Pop Mart, the company that hit overnight success in reputation and sales?
28 May 2025
Faculty
Dr-Maurice-Tse_2019
About Author
Dr. Maurice K.S. TSE

Principal Lecturer

Tags
Digital Currency
Sign up for upcoming news and events
LinkedIn WeChat Instagram Facebook Weibo Twitter YouTube

©2025, HKU Business School. All Rights Reserved. | Privacy Policy | Web Accessibility Statement