Before the trip, the Vice Governor of the Bank of China stated that the policy orientation of accelerating the development of the digital yuan and resolutely curbing virtual currencies, including stablecoins, is fully clear.

According to Odaily Planet Daily, Wang Yongli, former vice president of the Bank of China, published an article on his WeChat official account titled "Why Has China Resolutely Halted Stablecoins?" In it, he points out that China's policy orientation of accelerating the development of the digital yuan and resolutely curbing virtual currencies, including stablecoins, is completely clear. This is based on a comprehensive consideration of factors such as China's leading global advantages in mobile payments and the digital yuan, the security of RMB sovereignty, and the stability of the monetary and financial system. The space and opportunities for developing non-USD stablecoins are limited, as USD stablecoins already account for over 99% of the global fiat currency stablecoin market capitalization and trading volume. He emphasizes that with USD stablecoins already dominating the cryptocurrency trading market, China's attempt to follow the path of USD stablecoins in developing RMB stablecoins will not only fail to challenge the international status of USD stablecoins but may even turn RMB stablecoins into appendages of USD stablecoins, posing a serious threat to the security of RMB sovereignty and the stability of the monetary and financial system.