China's policy shift, and the central bank is also facing the reality of 'stablecoins'

Although China banned cryptocurrency trading completely in 2021, did you know? In 2025, the central bank governor Pan Gongsheng directly stated: digital renminbi + stablecoins can replace traditional cross-border payment systems.

Why?

Because traditional cross-border payments are not only slow and expensive, but also easily affected by geopolitical factors. While the digital renminbi has conducted many pilot programs, it mainly remains within domestic use, making it difficult to go global.

Stablecoins can effectively fill this gap.

3. Hong Kong has become an 'experimental field', preparing to launch offshore renminbi stablecoins.

At this time, Hong Kong plays a role:

In August 2025, Hong Kong's 'Stablecoin Regulation' is about to take effect, starting with USD and HKD stablecoins, then launching offshore renminbi stablecoins, and preparing to utilize a 1 trillion renminbi liquidity pool to test cross-border payments.

This is a brilliant move:

Hong Kong's market mechanism is more flexible,

And it has the status of an international financial center,

It can bypass the main battlefield of mainland regulation and explore new paths for renminbi going global.

Therefore, China is looking for technological means + financial tools to break through, such as using renminbi stablecoins to connect the global payment chain, improve settlement efficiency, and reshape international trust.