Monetary system upgrade driven by financial technology: Path exploration and practical insights based on e-CNY

Financial technology (fintech) is a key variable reshaping national financial competitiveness, and promoting the digital upgrade of the monetary system is a core task in building a financially strong nation. As a pivotal component of the monetary system, the electronic Chinese yuan (e-CNY), based on its inherent fintech attributes, serves as a critical practice for driving the monetary system towards a more advanced stage of evolution. Currently, the traditional monetary system faces three major challenges: low efficiency and high risks in cross-border payments, structural attenuation in monetary policy transmission, and a lack of digital safe-haven assets. Starting from the pilot practices of the e-CNY, this paper analyses its three core fintech characteristics—the centralized-distributed hybrid architecture, programmability, and account-Token hybrid design—and elaborates on the solutions it provides to address the aforementioned challenges. This study systematically establishes the strategic positioning and development path of the e-CNY. Finally, it proposes recommendations for the high-quality and sustainable development of the e-CNY.