BlockBeats News, July 2nd, Liu Bin, Director of the Financial Research Office of Pudong Institute of Reform and Development, recently wrote that in the face of the challenge posed by the USD stablecoins, China should adhere to two concurrent efforts.
On one hand, it should continue to promote the international application of the digital renminbi. Leveraging the digital renminbi international operation center as a starting point, explore the use of the digital renminbi in cross-border payments, cross-border investment and financing, cross-border trade, and other scenarios, gradually expanding the scope of digital renminbi applications. On the other hand, relying on Hong Kong's favorable conditions, Shanghai should strengthen cooperation with Hong Kong, the two major international financial centers, establish a financial regulatory cooperation mechanism, promote Hong Kong to issue offshore renminbi stablecoins, strengthen the interaction and cooperation between the two financial centers in risk prevention, fund inflow, technical standards, and account arrangements, and form a benign development pattern of onshore digital renminbi and offshore renminbi stablecoins. (21st Century Business Herald)
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