你每天都在用的人民币，出国后还是叫"人民币"吗？ 很多人以为是"RMB"，可事实并非如此。 几十年前，人民币几乎没存在感，如今却有了属于自己的国际"护照名"，背后正是中国崛起的见证。 人民币在国外到底叫什么？ 回望几十年前的中国，出国是极少数人才会经历的事。 那时候对外贸易规模有限，中国在国际市场上更多是扮演"小角色"。 在这样的背景下，人民币自然没有多少存在感。 它在国人心中是最熟悉的货币，但在外国人眼里，却是陌生甚至听都没听过的符号。 在当时，国际主流贸易往来几乎都由美元主导，英镑、日元、马克等货币也有一定影响力，而人民币几乎没有参与的机会。 一些上世纪七八十年代出国的中国人，带着人民币根本无法直接消费，必须先兑换成美元或港币，再到国外使用。 即便有人提起人民币，也往往是通过"Renminbi"这个拼音发音，听起来生涩拗口，更像是一个"地方用语"，而非国际通用的货币名称。 可以说，那时候的人民币就像一个班级里最安静的同学，存在感极低。 只有当一个国家的经济影响力足够大时，它的货币名字才会被记住、被使用。 几十年前的人民币缺少这样的机会，它只能在国内"独自精彩"。 这一点从外汇市场的表现也能看出。 过去人民 ...

Core Viewpoint - The development of the offshore RMB market can draw lessons from Japan's successful experience in offshore finance, emphasizing a low-profile and pragmatic approach to enhance financial competitiveness and support the internationalization of the RMB [1][4]. Group 1: Japan's Offshore Financial Success - The internationalization of the yen was driven by the establishment of a robust offshore financial market, which transformed the yen from a trade settlement tool to a freely convertible currency [1]. - The revision of Japan's Foreign Exchange and Foreign Trade Act in 1998 eliminated residual foreign exchange controls, significantly enhancing the linkage between offshore and onshore markets [1]. - The offshore yen lending rate (Euroyen LIBOR) and Tokyo interbank offered rate (TIBOR) spread narrowed to within 5 basis points, creating a mechanism for "offshore pricing - onshore transmission" [1]. Group 2: Functions of Offshore Financial Markets - Offshore financial markets serve as a key platform for the three core functions of currency internationalization: payment, investment, and reserve [2]. - Japan's economic layout in South America, particularly in Brazil and Argentina, exemplifies the deep synergy between offshore finance and industrial investment [2]. Group 3: Mechanisms in South America - In Brazil, Japan's investment reached $78 billion in 2023, utilizing a profit repatriation mechanism that aligns local regulations with offshore financial markets [2]. - In Argentina, despite capital controls, Japanese companies established efficient funding channels through "offshore node interconnection" [2]. Group 4: Low-Profile Strategy and Benefits - Japan's low-profile approach in offshore finance has led to macro-financial stability, enhanced micro-enterprise competitiveness, and geopolitical adaptability [3]. - The offshore market acted as a buffer against external shocks, stabilizing foreign exchange reserves and mitigating speculative pressures [3]. - The low-profile development provided Japanese companies in South America with operational advantages, including lower financing costs and improved tax efficiency [3]. Group 5: Lessons for China's Offshore RMB Market - China's offshore RMB market should transition from "policy-driven" to "institution-driven" and "market-driven," focusing on quality competition rather than scale [5]. - The establishment of a "offshore RMB entity label" system can ensure that offshore funds are closely tied to real trade and investment [5]. - A cross-border "trade-logistics-fund flow" big data verification platform can be developed to prevent false trade and arbitrage [5]. Group 6: Asset Pooling and Risk Isolation - Creating a "RMB-foreign exchange dual fund pool" in pilot areas can enhance the efficiency of fund utilization [6]. - The establishment of a multi-tiered RMB safe asset system through regular issuance of offshore central bank bills and government bonds can attract global investors [6]. - Implementing an "electronic fence" for risk isolation can prevent external shocks from affecting onshore markets [6]. Group 7: Tax Neutrality and Legal Framework - A tax system that is neutral and transparent, similar to Japan's, can reduce policy arbitrage in offshore RMB business [7]. - Establishing an "offshore RMB international arbitration center" can ensure that arbitration rules align with international practices while maintaining control over adjudication [7]. Group 8: Gradual and Low-Profile Approach - A gradual and low-profile strategy should be adopted to allow for institutional adjustments without rushing to create an "international benchmark" [8]. - The focus should be on improving foundational systems such as offshore account functions and tax policies in pilot free trade zones [9].

Core Points - The Hong Kong "Stablecoin Regulation" will take effect on August 1, establishing a comprehensive regulatory framework for fiat-backed stablecoins, marking a global first in this area [1][4] - The Hong Kong Monetary Authority (HKMA) will begin accepting applications for licenses in August, with a deadline for submission by September 30, and the first licenses expected to be issued in early 2026 [1][4] - The regulation aims to provide a legal basis for the development of the stablecoin market in Hong Kong, enhancing investor protection and fostering innovation in the stablecoin ecosystem [4][5] Group 1: Regulatory Framework - The "Stablecoin Regulation" is seen as a model for global stablecoin policy, introducing innovative "value anchoring regulation" principles [4] - The regulation is expected to accelerate the transformation of pilot experiences into actual products, significantly speeding up the establishment of the local stablecoin ecosystem [4][5] Group 2: Market Impact - The regulation is anticipated to reduce traditional financial institutions' concerns about participating in the stablecoin market, attracting more innovative stablecoin entities and exchanges [5] - The development of Hong Kong's stablecoin market is expected to enhance its position and influence in the global stablecoin landscape, providing a competitive advantage [5] Group 3: Cross-Border Payment and Currency Internationalization - The development of HKD stablecoins will enrich Hong Kong's cross-border payment ecosystem and facilitate the use of digital RMB in cross-border transactions [6] - The integration of digital RMB and HKD stablecoins is expected to lower cross-border payment costs and improve efficiency, reducing reliance on systems like SWIFT [6][8] - The internationalization of the RMB can be driven by expanding financial scenarios and technological innovation, enhancing its acceptance in global trade [6][8]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is warning about the risks of over-speculation in stablecoins as the Stablecoin Regulation comes into effect on August 1, indicating a commitment to a balanced development of stablecoins [1][2]. Group 1: Regulatory Framework - The Stablecoin Regulation, passed on May 21, 2025, aims to create a risk-based regulatory environment that aligns with international standards, enhancing the regulatory framework for virtual asset activities while promoting financial innovation and sustainable development [1][2]. - The regulation follows the principle of "same activity, same risk, same regulation," requiring issuers of fiat-backed stablecoins to obtain licenses and adhere to strict asset management and redemption requirements [1][2]. Group 2: Market Dynamics - Stablecoins serve as a crucial link between traditional finance and decentralized finance (DeFi), enhancing market efficiency and accelerating the adoption of Web3.0 technologies, which could attract international capital and innovation to Hong Kong [3]. - As of now, the global cryptocurrency market is valued at approximately $3.35 trillion, with stablecoin supply around $250 billion and trading volume projected to exceed $20 trillion in 2024, indicating a significant market presence [3]. Group 3: Internationalization of Currency - The internationalization of currencies is a long-term process influenced by the overall strength of an economy and the development of financial markets, with Hong Kong positioned to leverage its financial market advantages to support the internationalization of other fiat currencies [4].

Group 1 - The core viewpoint is that the internationalization of the Renminbi (RMB) is an important development strategy for China, which should be approached with a pragmatic and cautious attitude rather than a pursuit of prestige [1] - Currency internationalization refers to the extent to which a sovereign currency is used as a medium of exchange or reserve asset in global economic activities, with a significant focus on financial transactions rather than just trade [1][4] - Financial transactions are the primary form of global trade, with the volume of foreign exchange trading equating to a year's worth of international trade every five trading days, and the total financial transaction volume being equivalent to global GDP every week [3][4] Group 2 - The internationalization of the RMB can enhance transaction convenience for businesses, eliminating the need to consider multiple currencies for imports and exports, and reducing exposure to foreign exchange risks [4][5] - A less obvious benefit is the potential reduction in borrowing costs, as international investors may be attracted to invest in China, leading to lower financing costs for companies issuing bonds [5][6] - The internationalization of the RMB could also lower personal loan rates, as increased foreign investment in Chinese banks would reduce the cost of attracting deposits [6][8] Group 3 - From a national perspective, currency internationalization can provide significant advantages, such as improving the ability to respond to financial crises and reducing the cost of issuing government bonds [8][10] - However, there are risks associated with currency internationalization, such as the "American disease," which refers to the potential for a country to relax fiscal discipline when its currency becomes an international currency, leading to increased fiscal deficits and inflation [10][11] - The RMB's internationalization must be approached cautiously to avoid negative impacts on the U.S. economy and to prevent the pitfalls associated with excessive currency issuance [13][14]