Research on the Transmission Mechanism of Deposit Diversion Triggered by Digital RMB on Bank Credit Liquidity Risk

Zhou Zhou

The University of Sydney

Abstract：

To clarify the underlying transmission mechanism of credit liquidity risks for commercial banks under the impact of digital RMB deposit diversion, this study employs theoretical modeling, decomposition of transmission pathways, and comparative analysis across different types of banks. The results indicate that deposit diversion exacerbates liquidity pressures through three mechanisms: liability contraction, disruption of the money multiplier, and intensified maturity mismatch, with small and medium-sized banks demonstrating significantly higher risk sensitivity than large banks. Consequently, banks should optimize their liability structures and liquidity monitoring systems, while the central bank may employ quota controls and interest rate adjustments to mitigate the impact of deposit diversion and prevent chain reactions of liquidity risks triggered by credit contraction.

Key Words：

digital RMB; deposit diversion; credit supply; liquidity risk; transmission mechanism