On June 13, Jingdong Group's Chief Economist Shen Jianguang and Senior Research Director Zhu Taihui published an article titled "Promoting RMB Internationalization with Offshore RMB Stablecoins" in the China Economic Times, hosted by the Development Research Center of the State Council. The article points out that issuing RMB stablecoins is necessary to follow the global stablecoin development trend, a means to respond to new US cryptocurrency policies, and a new approach to accelerating RMB internationalization. Developing offshore RMB stablecoins is an important method to mitigate the uncertainty of the "digital currency bridge" development and will not affect domestic monetary policy regulation and cross-border capital management.
Adopting a progressive approach in development, they will accumulate experience and improve mechanisms in Hong Kong, and then gradually expand from the Hong Kong region to domestic free trade zones and free trade ports according to the "offshore abroad first, then offshore domestically" model, thereby continuously strengthening support for RMB internationalization. To ensure controllable risks, the user base can initially be limited to institutional clients and "qualified investors" before gradually opening to retail users and the general public. (China Economic Times)
