邢自强：人民币国际化破局在“道”不在“术”，提升人民币资产收益率是关键

Core Viewpoint - The forum "Phoenix Bay Area Finance Forum 2025" emphasizes the theme of "New Pattern, New Path" and aims to explore new development opportunities amidst changing circumstances [1] Group 1: Economic Insights - Morgan Stanley's Chief Economist for China, Xing Zhiqiang, highlighted that stablecoins and RWA are merely technical tools, while the real path to RMB internationalization lies in enhancing economic fundamentals and corporate profitability [3] - He noted that the enthusiasm for stablecoins has cooled since mid-year, indicating that technology alone cannot replace economic principles [3] - The core issue for RMB internationalization is addressing what trade partners can do with RMB, contrasting it with the historical dual circulation of the USD [3] Group 2: Challenges and Reforms - Domestic low price cycles have led to low returns on RMB assets, compounded by stock market volatility and real estate adjustments, resulting in international long-term capital showing only nascent interest in Chinese assets [3] - Xing emphasized the need for domestic reforms to break the low price cycle, restore economic stability, and enhance corporate profitability as essential steps for RMB internationalization [3] - The proposed three-step reform plan for 2023, focusing on debt restructuring, consumer support, and confidence stabilization, remains in progress, highlighting the urgency for more substantial reform policies to improve RMB asset returns [3]