China Economic Times: Using Offshore Renminbi Stablecoin to Promote Renminbi Internationalization

China Economic Times issued an article saying that the development of offshore RMB stablecoins is an important starting point for accelerating the internationalization of RMB, and it is also an important means to alleviate the impact of uncertainty in the development of the "digital currency bridge", and will not affect the mainland's monetary policy regulation and cross-border capital management. In terms of the pace of development, we will adopt a gradual model, gradually promoting from Hong Kong to the Mainland Free Trade Zone and Free Trade Port, so as to continuously strengthen the supporting role of RMB internationalization. Shen Jianguang, chief economist of JD.com, and Zhu Taihui, senior research director of JD.com, said that stablecoins and encrypted digital currencies have entered a rapid growth track. In particular, since the second term of US President Trump, he has actively promoted the development of US stablecoins and cryptocurrencies, which has triggered countries around the world to re-examine the development of cryptocurrencies, especially stablecoins. For China, the development of offshore RMB stablecoin is an important starting point for accelerating the internationalization of RMB, and it is also an important means to alleviate the impact of uncertainty on the development of the "digital currency bridge", and will not affect the mainland's monetary policy regulation and cross-border capital management. After accumulating experience and improving the mechanism in Hong Kong, it will gradually promote from Hong Kong to the mainland free trade zones and free trade ports in accordance with the model of "offshore first and then onshore offshore", so as to continuously strengthen the supporting role of RMB internationalization.