Experts: Promote the internationalization of the digital yuan and develop offshore RMB stablecoins.

According to the Gate News bot, Liu Bin, director of the Financial Research Office of the Pudong Reform and Development Research Institute, recently published an article proposing suggestions for dealing with the challenges posed by the US dollar stablecoin. Liu Bin believes that efforts should be made from two aspects:

First, continue to promote the international application of the digital renminbi. Based on the Digital Renminbi International Operation Center, explore its applications in cross-border payments, investment and financing, and trade, gradually expanding its scope of use.

Secondly, strengthen the cooperation between Shanghai and Hong Kong, two major international financial centers. Utilize Hong Kong’s advantageous conditions to establish a financial regulatory cooperation mechanism and promote the issuance of offshore RMB stablecoins in Hong Kong. Deepen cooperation in areas such as risk prevention, capital repatriation, technical standards, and account arrangements, forming a healthy development pattern between onshore digital RMB and offshore RMB stablecoins.