央行数字货币：推动批发金融市场前所未有的效率

世界经济论坛 (WEF) 关于批发央行数字货币 (wCBDC) 的报告强调了它们在实现金融市场现代化和应对行业挑战方面的潜力。该报告表明，wCBDC 可以提高效率、安全性和包容性，为更具弹性的全球经济铺平道路。所确定的关键痛点，包括不同的结算周期和证券市场的操作风险，可以通过采用 wCBDC 来解决。

Central Bank Digital Currencies: Transforming Wholesale Financial Markets with Unprecedented Efficiency

央行数字货币：以前所未有的效率改变批发金融市场

Zurich, Switzerland - A comprehensive study released by the World Economic Forum (WEF) has shed light on the transformative potential of wholesale central bank digital currencies (wCBDCs) in revolutionizing global financial markets. Entitled "Modernizing Financial Markets with Wholesale Central Bank Digital Currency (wCBDC)," the report delves into the current landscape of wCBDC initiatives, exploring their multifaceted use cases and their ability to address critical industry challenges.

瑞士苏黎世 - 世界经济论坛 (WEF) 发布的一项综合研究揭示了批发央行数字货币 (wCBDC) 在彻底改变全球金融市场方面的变革潜力。该报告题为“利用批发中央银行数字货币 (wCBDC) 实现金融市场现代化”，深入探讨了 wCBDC 举措的当前格局，探讨了其多方面的用例及其应对关键行业挑战的能力。

The Imperative for CBDCs

CBDC 的当务之急

The WEF's report underscores the overwhelming interest in CBDCs among central banks worldwide, with over 98% actively engaged in research, pilot projects, or full-fledged deployments. This surge in exploration stems from the recognition that CBDCs offer a potent avenue for enhancing the efficiency, security, and inclusivity of the financial system, fostering a more resilient global economy.

世界经济论坛的报告强调了全球央行对 CBDC 的浓厚兴趣，超过 98% 的央行积极参与研究、试点项目或全面部署。这种探索的激增源于人们认识到 CBDC 为提高金融体系的效率、安全性和包容性提供了有效途径，从而培育了更具弹性的全球经济。

Addressing Industry Pain Points with wCBDCs

利用 wCBDC 解决行业痛点

The report identifies eight long-standing industry challenges that have hindered the seamless operation of financial markets. Notably, four of these challenges have been deemed "areas ripe for modernization using wCBDC."

该报告指出了阻碍金融市场无缝运行的八个长期存在的行业挑战。值得注意的是，其中四个挑战被认为是“使用 wCBDC 实现现代化的成熟领域”。

1. Disparate Settlement Cycles in Cross-Border Securities Settlements: The global nature of capital markets has created a pressing need for harmonized settlement cycles across regions. However, most real-time gross settlement (RTGS) systems operate within limited hours. The WEF proposes that wCBDCs can supplement RTGS systems by providing near 24/7 settlement cycles, enabling a global settlement window.
2. Operational Risk and Settlement Failures: A complex interplay of data quality issues, limited interoperability, and manual processes often leads to settlement failures in securities markets. The WEF suggests that wCBDCs can bolster trade and post-trade operations by securely transmitting settlement data across parties and jurisdictions, thereby supporting automation and mitigating settlement risk.
3. Growing Foreign Exchange Settlement Risk: The high value and complexity of foreign exchange transactions expose the financial system to heightened settlement risk. The WEF posits that wCBDCs can facilitate the expansion of 'payment versus payment' (PvP) arrangements, reducing settlement risk in cross-border foreign exchange transactions.
4. Lack of Tokenized Credit Risk-Free Settlement Medium: The absence of a tokenized, credit risk-free settlement medium impedes the smooth functioning of financial markets. wCBDCs can address this gap by allowing for the tokenization of credit risk-free settlement media, enhancing settlement efficiency and reducing counterparty risk.

The Path Forward

跨境证券结算中的不同结算周期：资本市场的全球性使得跨地区迫切需要统一的结算周期。然而，大多数实时全额结算 (RTGS) 系统都在有限的时间内运行。 WEF 提出，wCBDC 可以通过提供近 24/7 的结算周期来补充 RTGS 系统，从而实现全球结算窗口。 操作风险和结算失败：数据质量问题、有限的互操作性和手动流程之间的复杂相互作用往往会导致结算失败证券市场。世界经济论坛建议，wCBDC 可以通过在各方和司法管辖区之间安全传输结算数据来支持贸易和交易后操作，从而支持自动化并降低结算风险。 日益增长的外汇结算风险：外汇交易的高价值和复杂性暴露了金融体系加剧结算风险。世界经济论坛认为，wCBDC 可以促进“支付对支付”（PvP）安排的扩展，降低跨境外汇交易中的结算风险。 缺乏代币化信用无风险结算媒介：缺乏代币化信用风险-自由结算媒介阻碍了金融市场的平稳运行。 wCBDC 可以通过允许无信用风险的结算媒介代币化、提高结算效率并降低交易对手风险来解决这一差距。 前进的道路

The WEF acknowledges that the successful adoption of wCBDCs requires tailored approaches by policy-makers, financial market infrastructures, and private-sector leaders, taking into consideration the unique characteristics of each jurisdiction and institution. The report encourages further exploration and collaboration to realize the transformative potential of wCBDCs.

世界经济论坛承认，成功采用 wCBDC 需要政策制定者、金融市场基础设施和私营部门领导者采取量身定制的方法，同时考虑到每个司法管辖区和机构的独特特征。该报告鼓励进一步探索和合作，以实现 wCBDC 的变革潜力。

Conclusion

结论

The WEF's report on wholesale central bank digital currencies presents a compelling vision for the future of financial markets. By addressing long-standing challenges and leveraging the innovative capabilities of wCBDCs, the financial sector can unlock new levels of efficiency, security, and inclusivity, paving the way for a more resilient and prosperous global economy.

世界经济论坛关于批发央行数字货币的报告为金融市场的未来提出了令人信服的愿景。通过解决长期存在的挑战并利用 wCBDC 的创新能力，金融部门可以将效率、安全性和包容性提升到新的水平，为更具弹性和繁荣的全球经济铺平道路。