国际货币基金组织：2024年金融科技研究报告：中央银行数字货币对货币政策运行的影响（英文版）

This Fintech Note aims to analyze how the issuance of central bank digital currency (CBDC) could affect monetary operations, which include central banks managing the demand and supply of reserves to achieve a desired stance of monetary policy. The note outlines three scenarios: CBDCs substituting cash, commercial bank deposits, and reserves, with implications varying based on design features and market developments. It discusses how these scenarios influence balance sheets and reserves, poten