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This paper takes the development of China's Central bank digital currenciesas a perspective, theoretically analyses the impact mechanism of the issuanceand circulation of Central bank digital currencies on China's monetary policyand various variables of the money multiplier; at the same time, it selects thequarterly data from 2010 to 2022, and examines the impact of the Central bankdigital currencies on the money supply multiplier through the establishment ofthe VECM model. The research results show that: the issuance of China's Centralbank digital currencies will have an impact on the effectiveness of monetarypolicy and intermediary indicators; and have a certain positive impact on thenarrow money multiplier and broad money multiplier. Based on theoreticalanalyses and empirical tests, this paper proposes that China should explore amore effective monetary policy in the context of Central bank digitalcurrencies in the future on the premise of steadily promoting the developmentof Central bank digital currencies.

Empirical Analysis of the Impact of Legal Tender Digital Currency on Monetary Policy -Based on China's Data