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Analysis: Strengthening Cooperation between Hong Kong and Shanghai to Form a Positive Development Pattern for Onshore Digital RMB and Offshore RMB Stablecoins
Summary: According to a recent article by Liu Bin, Director of the Financial Research Office of the Pudong Institute of Reform and Development, in response to the challenges posed by USD stablecoins, China should focus on two parallel efforts. On one hand, it should continue to promote the international application of digital RMB, using the international ...
According to a recent article by Liu Bin, Director of the Financial Research Office of the Pudong Institute of Reform and Development, in response to the challenges posed by USD stablecoins, China should focus on two parallel efforts. On one hand, it should continue to promote the international application of digital RMB, using the international operation center for digital RMB as a focal point to explore its use in cross-border payments, cross-border investment and financing, cross-border trade, and gradually expand its application scope. On the other hand, leveraging Hong Kong's favorable conditions, China should strengthen cooperation between Shanghai and Hong Kong, establish a financial regulatory cooperation mechanism, promote the issuance of offshore RMB stablecoins in Hong Kong, and enhance interaction and cooperation between the two financial centers in risk prevention, capital inflow, technical standards, and account arrangements, forming a positive development pattern for onshore digital RMB and offshore RMB stablecoins. (21st Century Business Herald)
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Link: Analysis: Strengthening Cooperation between Hong Kong and Shanghai to Form a Positive Development Pattern for Onshore Digital RMB and Offshore RMB Stablecoins [Copy]
