Caixin: Timely promotion of offshore RMB stablecoin pilot may enhance the efficiency of RMB internationalization.

On September 9, Caixin published a cover story titled "Opportunities for Renminbi Internationalization," which pointed out that a person close to Bank of China Hong Kong believes that the current period is a good window for promoting Renminbi internationalization. Institutions such as Bank of China and China Construction Bank have increased their efforts to promote Renminbi internationalization business. Several industry insiders believe that in an era of simultaneous upheaval in international trade and currency systems, the market expects a more stable and diversified currency system. At the same time, stablecoins, as a bridge connecting Crypto Assets and the real world, are expected to rise significantly in the first half of 2025. This has led some viewpoints to suggest that if the pilot for offshore Renminbi stablecoins is pushed forward at this time, it may improve the efficiency of Renminbi internationalization and provide an alternative outside the US dollar system.