According to Odaily Planet Daily, Liu Jing, Chief Economist for Greater China at HSBC Global Investment Research, noted that People's Bank of China Governor Pan Gongsheng mentioned the establishment of an international operations center for the digital RMB in his speech at the Lujiazui Forum in June. Meanwhile, some large state-owned enterprises are actively exploring the use of stablecoins. Chinese companies investing in emerging markets along the Belt and Road Initiative often face the risk of local currency fluctuations and lack hedging tools. This may lead these companies to explore issuing their own RMB stablecoins to facilitate their investments in emerging markets.

Liu Jing pointed out that after many Chinese companies issue RMB stablecoins, the digital RMB may become an intermediary connecting various RMB stablecoins, which will help expand the international use of the RMB.

She further stated that Hong Kong, with its existing cooperation with the mainland in the field of digital RMB and the newly introduced stablecoin bill, could become the first location for the launch of a RMB stablecoin. If a RMB stablecoin appears in Hong Kong in the future, it is expected to be primarily used in corporate payment scenarios, especially cross-border payments. (Hong Kong Economic Times)