HSBC: Hong Kong may see RMB stablecoins in the future, with some large SOEs actively exploring stablecoin applications
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HSBC: Hong Kong may see RMB stablecoins in the future, with some large SOEs actively exploring stablecoin applications
According to Hong Kong Economic Times, HSBC Global Research Chief China Economist Crystal Liu stated that PBOC Governor Pan Gongsheng mentioned establishing an international operations center for digital RMB at the Lujiazui Forum in June, while some large state-owned enterprises are actively exploring stablecoin applications. When Chinese companies invest in Belt and Road emerging markets, they often face local currency volatility risks and lack hedging tools, which may prompt these firms to explore issuing their own RMB-backed stablecoins to facilitate investments in emerging markets. Liu pointed out that once multiple Chinese enterprises issue RMB stablecoins, the digital RMB could serve as an intermediary connecting various RMB stablecoins, helping expand the international usage scale of the RMB. She further noted that Hong Kong, with its existing cooperation foundation with the mainland in the digital RMB field and its newly introduced stablecoin legislation, could become the launchpad for RMB stablecoins. If RMB stablecoins emerge in Hong Kong in the future, they are expected to be primarily used in enterprise payment scenarios initially, especially cross-border payments.
Navigating Web3 tides with focused insightsTechFlow, September 5 — According to the Hong Kong Economic Times, HSBC Global Investment Research Chief China Economist Crystal Liu stated that PBOC Governor Pan Gongsheng mentioned establishing an international operation center for digital RMB during his speech at the Lujiazui Forum in June, while some large state-owned enterprises are actively exploring stablecoin applications. When Chinese companies invest in Belt and Road emerging markets, they often face local currency volatility risks and lack hedging tools. In such cases, these firms might explore issuing their own RMB-backed stablecoins to facilitate investments in emerging markets.
Liu pointed out that once multiple Chinese enterprises issue RMB stablecoins, the digital RMB could serve as an intermediary connecting various RMB stablecoins, helping expand the international usage of the RMB.
She further stated that Hong Kong, leveraging its existing cooperation with the mainland in the digital RMB field and its newly introduced stablecoin legislation, could become the launchpad for RMB stablecoins. If RMB stablecoins emerge in Hong Kong in the future, they would likely be used primarily in enterprise payment scenarios initially, especially for cross-border payments.
