Chairman of the National Financial and Development Laboratory: China needs to advance on two tracks in the face of the stable currency wave

Planet Daily News: Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Financial and Development Laboratory, stated that the United States is promoting stablecoin legislation to strengthen the dollar's status, advance payment modernization, and create new demand for U.S. Treasury bonds. Stablecoins are essentially an extension of the dollar on the blockchain. Facing this trend, China should firmly promote the internationalization of the renminbi, adapt to the convergence of stablecoins and traditional finance, and promote complementary development of RMB stablecoins and central bank digital currencies. Li Yang suggested fully utilizing Hong Kong's advantages to develop offshore RMB stablecoins and build a controllable international payment channel. (National Financial and Development Laboratory)