In the context of a deep adjustment in the global financial landscape, the "dual-track acceleration" strategy for the renminbi stablecoin has emerged, driven by the national credit foundation of Shanghai and the offshore hub advantages of Hong Kong, reconstructing the global payment and settlement system and opening a new chapter in financial innovation and international competition. According to an exclusive report by Reuters, the State Council of China will review the "Renminbi Internationalization 3.0 Roadmap" in the last week of this month, with the most eye-catching provision being "allowing licensed institutions to issue 100% renminbi reserve stablecoins in the offshore market." From the "one-size-fits-all" ban in September 2021 to now actively embracing it, Beijing has completed a dramatic turnaround from "blockade" to "leadership" in crypto finance in just four years.
- Strategic Foundation: The Complementary Logic of Shanghai and Hong Kong
Shanghai and Hong Kong are like the two wheels of the internationalization vehicle for the renminbi stablecoin, complementing each other’s functions and coordinating systems to build a unique strategic framework.
Shanghai "Rooted": Strengthening National Credit and Real Anchors Shanghai relies on the central bank's credit endorsement, focusing on large-scale cross-border trade settlements with the central bank digital currency (e-CNY) at its core. In the automotive export sector, BYD utilizes e-CNY for cross-border payments, achieving near-instantaneous receipt without being constrained by the cumbersome processes and high costs of the traditional SWIFT system; Longi Green Energy's green energy cross-border transactions utilize on-chain trade financing to tokenize accounts receivable (rBUSD-YD), activating cash flow. The Shanghai Free Trade Zone boldly pilots "domestic offshore stablecoins (CNYC)," with the "electronic fence" mechanism precisely isolating risks. The steel trade-specific stablecoin STEEL-CNY, issued by SPDB and Shanghai Steel Union, makes the full automation of cross-border payments a reality, injecting "live water" of domestic liquidity into the offshore market.
Hong Kong "Blooming": Expanding Offshore Hubs and Global Scenarios Hong Kong, leveraging its status as an offshore financial center, issues offshore renminbi stablecoins (CNHC), pegged 1:1 to offshore renminbi (CNH), covering small to medium-sized cross-border scenarios. Southeast Asian e-commerce platforms like Shopee and Lazada, as well as procurement of new energy equipment in the Middle East, benefit from the application of CNHC, making payments more convenient and cost-effective. Utilizing the multilateral central bank bridge (mBridge), Hong Kong integrates the global payment network, allowing CNHC to "show its prowess" in the DeFi ecosystem, expanding the boundaries of financial innovation through DEX trading, NFT collateral lending, and more.
Dual-Track Coordination: Building a Financial Innovation "Community" From the perspective of credit sources, Shanghai's CNYC is directly supported by the central bank's digital renminbi, while Hong Kong's CNHC relies on offshore renminbi deposits as collateral or algorithmic adjustments; in terms of core scenarios, Shanghai focuses on bulk trade and B2B cross-border settlements, while Hong Kong concentrates on retail payments and on-chain finance; in terms of technological connectivity and regulatory adaptation, both have their own focuses yet collaborate, weaving together the institutional and technical network for the internationalization of the renminbi stablecoin.
Breakthrough in Trade Settlement (2023-2025): Using physical trade as a breakthrough point, Shenzhen pilots the two-way exchange of e-CNY and Hong Kong stablecoins, compressing the trade financing process from 5 days to 8 hours, significantly enhancing cross-border trade efficiency and accumulating practical experience for subsequent promotion, allowing the renminbi stablecoin to "gain a foothold" in trade scenarios.
Offshore Ecosystem Expansion (2025-2027): CNHC accelerates penetration into emerging markets, covering diverse fields from Southeast Asia to the Middle East and Latin America, including e-commerce and new energy. At the same time, it explores RWA tokenization, with CCB International issuing Hong Kong's new mutual recognition tokenized fund, breaking the boundaries between traditional finance and emerging finance, supporting multi-chain redemption, and enriching the offshore financial ecosystem, making the renminbi stablecoin a "universal language" in global financial transactions.
Reserve Currency Upgrade (2028+): The clear goal is to increase the share of renminbi in cross-border settlements, promoting CNHC to become the third-largest stablecoin globally. Central banks around the world hold CNHC as liquidity reserves through mBridge, and RWA income rights tokens are included in foreign reserve asset options, advancing from payment tools to reserve currencies, reshaping the global currency reserve landscape.
From the e-CNY cross-border clearing at the central bank infrastructure level, to the tokenization of BYD's accounts receivable and the Three Gorges green bonds at the RWA asset on-chain level, to the iteration of offshore stablecoin issuance, and the diverse financial innovations at the DeFi application level, the four-layer integrated structure progressively advances, allowing the renminbi stablecoin to achieve liquidity innovation and enhance financial service efficiency under technological drive, constructing a unique fintech ecosystem.
Risk Prevention: Building a Financial Safety Net Under the dual-track system, risks such as policy arbitrage, technical security challenges, and international rule games cannot be ignored. The "electronic fence" in the Shanghai Free Trade Zone and the collaborative regulation of Hong Kong's SFC strictly prevent illegal arbitrage of funds; deploying anti-quantum signature technology to guard against quantum computing threats; actively promoting the inclusion of CNHC in the IMF settlement system to gain initiative in international rule games, strengthening the financial security defense line.
Global Significance: Restructuring the Financial Landscape The "dual-track acceleration" strategy for the renminbi stablecoin achieves a three-level penetration of "national credit → offshore stablecoin → DeFi ecosystem," promoting an increase in the share of renminbi in cross-border settlements, and is expected to make the renminbi stablecoin the third-largest stablecoin globally, reshaping the global payment settlement and currency reserve system, injecting "Chinese power" into the world financial landscape, and opening a new paradigm of financial governance.
Insiders reveal that if the meeting on August 30 passes smoothly, the first batch of 5 licenses will be issued within 72 hours, and the first renminbi stablecoin for real trade may be officially minted on September 2. From "blocker" to "rule maker," China has only taken four years. Four years later, can the renminbi stablecoin tear open a real crack in the global currency map that belongs to the multipolar era? The answer may be revealed in 240 hours.
The "dual-track acceleration" strategy for the renminbi stablecoin is a bold exploration of financial innovation and a vivid practice of national financial competitiveness. In the global financial tide, it is soaring with Shanghai and Hong Kong as its wings, writing a new chapter in the internationalization of the renminbi and the reconstruction of the global financial landscape.
Related Articles: Reuters: China considers launching renminbi stablecoin to promote currency internationalization, with a significant shift in policy stance.
Original text: “Renminbi Stablecoin 'Flying with Two Wings': Is China Set to Reshape the Global Payment Landscape?”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
