Li Xunlei of Zhongtai Securities: Research and Promote Legislation for RMB Stablecoin

According to a report by Jinse Finance, citing today’s update from the Li Xunlei Finance and Investment public account, now is an opportune time to accelerate the internationalization of the renminbi. Externally, the US dollar index is fluctuating downward, US debt pressures are rising, and the dollar’s safe-haven appeal is weakening. From a domestic development perspective, Chinese enterprises expanding overseas are driving the renminbi’s “going global,” with a significant increase in the use of the renminbi in cross-border business, and relatively low interest rates are enhancing the renminbi’s function as a financing currency. The report suggests researching and promoting legislation for a renminbi stablecoin. It proposes piloting the renminbi stablecoin within certain areas (such as offshore or free trade zones) and specific business scenarios (such as “Belt and Road” cross-border trade and renminbi settlement of bulk commodities), and gradually improving the relevant regulatory framework until it is ultimately codified into law.