National Director of the Financial and Development Laboratory: Fully Utilize Hong Kong's Advantages to Develop an Offshore RMB Stablecoin

BlockBeats News, June 21st. Li Yang, Member of the Chinese Academy of Social Sciences and Director of the National Institute of Finance and Development, stated that the United States' push for stablecoin legislation aims to strengthen the dollar's status, promote payment modernization, and create new demand for U.S. Treasury bonds. Stablecoins are essentially an on-chain extension of the dollar. Faced with this trend, China should firmly promote the internationalization of the renminbi, adapt to the trend of stablecoin integration with traditional finance, and promote the complementary development of the renminbi stablecoin and central bank digital currency. Li Yang suggested fully leveraging Hong Kong's advantages to develop offshore renminbi stablecoins and build a controllable international payment channel.