Experts suggest: Promote the internationalization of the digital renminbi and the issuance of offshore renminbi stablecoin in parallel.

On July 2, Liu Bin, director of the Financial Research Office of the Pudong Reform and Development Research Institute, recently wrote that in the face of the challenges posed by the US dollar stablecoin, our country should adhere to two parallel lines of work.

On the one hand, we should insist on promoting the international application of the digital renminbi, using the international operational center of the digital renminbi as a starting point to explore its application in scenarios such as cross-border payments, cross-border investment and financing, and cross-border trade, gradually expanding the application scope of the digital renminbi; on the other hand, we should leverage Hong Kong's favorable conditions to strengthen cooperation between Shanghai and Hong Kong as two major international financial centers, establish a financial regulatory cooperation mechanism, promote Hong Kong to issue offshore renminbi stablecoins, and enhance interaction and cooperation between the two financial centers in terms of risk prevention, capital repatriation, technical standards, and account arrangements, forming a virtuous development pattern of onshore digital renminbi and offshore renminbi stablecoins.