JD Group executives: It is recommended to use offshore RMB stablecoins to promote the internationalization of the RMB

Odaily Planet Daily News JD Group Chief Economist Shen Jianguang and JD Group Senior Research Director Zhu Taihui published an article in the China Economic Times hosted by the Development Research Center of the State Council, "Promoting the Internationalization of the RMB with Offshore RMB Stablecoins". The article pointed out that the issuance of RMB stablecoins is a new tool to meet the needs of the development trend of global stablecoins, to cope with the new US cryptocurrency policy, and to accelerate the internationalization of the RMB. The development of offshore RMB stablecoins is an important means to mitigate the impact of uncertainty in the development of the "digital currency bridge" and will not affect the monetary policy regulation and cross-border capital management in the Mainland. In terms of the development rhythm, a gradual model is adopted. After accumulating experience and improving mechanisms in Hong Kong, it will be gradually promoted from Hong Kong to the Mainland Free Trade Zone and Free Trade Port in accordance with the model of "first offshore and then offshore", thereby continuously strengthening the support for the internationalization of the RMB. In order to achieve controllable risks, the user population can first be limited to institutional clients and "qualified investors", and then gradually open to retail users and the general public. (China Economic Times)