离岸人民币稳定币的香港试验如何破局

Core Viewpoint - Hong Kong is adapting to changes in the global landscape of digital finance and the internationalization of the Renminbi (RMB) through the implementation of the Stablecoin Regulation, aiming to provide a Chinese solution to the digital finance challenge [1][9]. Summary by Sections Introduction of Stablecoin Regulation - The Stablecoin Regulation in Hong Kong officially took effect on May 30, following the U.S. passing the GENIUS Act on May 20, indicating a strategic response to the reshaping of digital currency regulations amid international competition [2]. Potential of CNH Stablecoin - Although the CNH stablecoin has not yet launched, the enactment of the Stablecoin Regulation opens up possibilities for its implementation, potentially establishing a new digital path for RMB internationalization and becoming a key component in the reconstruction of cross-border payment systems [3][5]. Historical Context and Regulatory Framework - The successful pilot of personal RMB business in 2003 laid the groundwork for RMB cross-border trade settlement in 2009. The current regulatory framework, characterized by a "regulatory closed loop + market-driven transmission" mechanism, may serve as a reference for the stablecoin experiment [5][6]. Policy Signals and Challenges - Recent statements from the People's Bank of China emphasize the orderly promotion of RMB international use, addressing challenges such as cross-border payment inefficiencies and fragmented offshore market liquidity, with stablecoins potentially offering solutions [6]. Implementation Phases for CNH Stablecoin - The implementation of the CNH stablecoin can be divided into three phases: sandbox testing (2025-2026), regional expansion (2026-2027), and global promotion (from 2028), with the aim of establishing it as a pricing tool for regional commodities [7][8]. Strategic Importance of CNH Stablecoin - If successful, the CNH stablecoin could not only serve as a new channel for RMB internationalization but also represent a digital model of China's institutional openness, positioning China advantageously in the restructuring of global monetary order [9].