Core Viewpoint - The development of stablecoins and RWA (Real World Assets) in Hong Kong is crucial for enhancing the internationalization of the Renminbi and solidifying Hong Kong's status as an international financial center [1][6]. Group 1: Asset Appreciation and Wealth Creation - China faces intense competition in asset appreciation and wealth creation, particularly in trade, investment, technology, and macroeconomic policies [2]. - The U.S. has a long-term trade deficit due to low savings and high consumption, while China maintains a trade surplus due to high savings and low consumption [2]. - China needs to increase spending and implement demand-side reforms to match its strong supply capabilities with income and wealth generation [2]. Group 2: Hong Kong's Role in National Development - Hong Kong's monetary and regulatory advantages can facilitate high-quality outbound ventures for mainland enterprises and attract multinational companies to the Greater Bay Area [3]. - The development of a stablecoin linked to the Renminbi and related RWA asset systems can better connect the internal and external economic cycles [3]. Group 3: Institutional Advantages of Hong Kong - Hong Kong has an efficient supply chain network, a robust banking system, a strong capital market, reliable accounting services, and a trustworthy legal framework [4]. - The establishment of a "special zone within a special zone" in the northern metropolitan area of Hong Kong can enhance the dual circulation strategy [5]. Group 4: Promoting Renminbi Internationalization - Hong Kong plays a significant role in promoting the internationalization of the Renminbi, which is often underestimated due to the exclusion of Hong Kong financial data from mainland statistics [6]. - The asset size of the Hong Kong Monetary Authority is approximately 9.5% of the People's Bank of China, indicating a high level of internationalization in Hong Kong's banking sector [6]. Group 5: Digital Financial Technology - The use of stablecoins, limited blockchain, and digital smart contracts can enhance Hong Kong's international financial center status [7]. - The introduction of a legal framework for stablecoins in Hong Kong will support the creation of a stablecoin linked to the offshore Renminbi [8]. Group 6: Future Development of Digital Financial Infrastructure - Future digital financial infrastructure in Hong Kong should focus on stablecoins, blockchain, and smart contracts to enhance trust and reduce transaction costs [11]. - The regulatory framework should allow for the issuance of offshore Renminbi stablecoins, facilitating easier access to international markets [11]. Group 7: New Financial Products and Services - The development of new offshore Renminbi products and services can complement the existing dollar-dominated international financial system, enhancing resource allocation efficiency [12]. - The integration of AI and big data in digital financial products will improve risk assessment and market responsiveness [12].

Core Viewpoint - The article discusses the significant changes in the U.S. digital asset regulatory environment following President Trump's executive order prohibiting the issuance or use of Central Bank Digital Currencies (CBDCs) and relaxing regulations on privately issued digital currencies, which may enhance the U.S.'s leadership in digital financial technology while creating opportunities for non-U.S. digital currencies and payment systems [1]. Summary by Sections Executive Order Main Content - The executive order revokes the previous 2022 executive order aimed at responsible digital asset development and establishes a presidential-led digital asset market working group to assess regulations and create a federal regulatory framework for digital assets [3][4]. Impact Analysis - The shift from a federal government-led model to a more private sector-focused approach may disrupt the continuity of digital asset regulation in the U.S. The emphasis on private digital currency innovation raises questions about the ability of the private sector to fill the regulatory and technological gaps left by the government [7][8]. Implications for CBDC Development - The prohibition of CBDC issuance in the U.S. significantly impacts its development, as CBDCs are seen as crucial for future financial systems. This move may lead to increased reliance on private sector digital currency innovations, potentially altering the structure and ecosystem of the U.S. digital financial system [8][9]. International Payment Systems - The ban on CBDCs may affect international cross-border payment systems, particularly those involving U.S. dollar transactions. Other countries may seek alternatives, such as bilateral or regional digital currency cooperation, which could reshape the global payment landscape [9].