According to the New Economist Think Tank public account, Foresight News reports that Zhu Guangyao, former vice minister of the Ministry of Finance, shared his observations on recent stablecoin dynamics during a closed-door symposium on "The Future of Stablecoins". He interpreted the United States' stablecoin policy adjustments and proposed a policy path for China to address stablecoins from a macroscopic perspective after analyzing related data. Discussing how stablecoins pegged to fiat currencies affect the international monetary system and financial order, Zhu Guangyao stated that stablecoins pegged to the US dollar will initiate the third phase of the Bretton Woods system. Regarding China's strategic approach to stablecoins, Zhu suggested advancing from three aspects.
First, China should fully utilize Hong Kong's offshore market for pioneering trials. The Hong Kong Stablecoin Regulation will officially take effect on August 1st this year. As China's external window, Hong Kong provides a crucial platform for implementing related measures. It is essential to affirm and leverage Hong Kong's role, strengthen policy communication between mainland and Hong Kong financial regulatory authorities, and seize this valuable opportunity.
Second, the core strategy for stablecoins must revolve around the renminbi. Both offshore and onshore renminbi need to promote the establishment of stablecoins pegged to the renminbi. While supporting Hong Kong's banking system, it is crucial to incorporate renminbi stablecoins into the national financial strategy's top-level design and comprehensive planning.
Third, closely monitor the global usage of stablecoins pegged to fiat currencies, particularly in three aspects. First, closely track the implementation once the stablecoin bill becomes law on August 1st as Trump suggested; second, monitor the promotion of stablecoins pegged to fiat currencies in different regions and countries; lastly, observe the roles played by national governments, regulatory bodies, and commercial institutions in issuing stablecoins pegged to fiat currencies.
