Group 1 - The core viewpoint of the articles highlights the increasing trend of using the Renminbi (RMB) as a trade settlement currency among various companies, particularly in the context of cross-border trade and investment [2][3][4] - Reports from institutions like China Construction Bank and CICC indicate a significant growth in the use of RMB for cross-border trade settlements and financing from 2024 to 2025, driven by geopolitical changes and reduced reliance on the US dollar [3][6] - Companies such as Suzhou Grun德 Electric and Jiangsu Jinpeng Group report a noticeable increase in clients opting for RMB settlements, with specific examples showing a shift from USD to RMB in their transactions [5][6] Group 2 - The trend of RMB usage is particularly pronounced in emerging markets, with Southeast Asia, the Middle East, Africa, and Central Asia increasingly accepting RMB for trade settlements [4][6] - Data from the Bank of China indicates that the cross-border RMB settlement volume is expected to exceed 43 trillion yuan in 2024, reflecting a year-on-year growth of 31% [6][7] - Companies are expanding their international presence, with significant investments in regions like ASEAN, which saw a 12.6% increase in investment from China [7][8] Group 3 - Despite the positive outlook, challenges remain for companies using RMB in international markets, including low liquidity and high financial costs associated with offshore RMB usage [8][9] - A survey indicates that 60% of companies face challenges due to low liquidity and high costs, while nearly half report difficulties with counterparties unwilling to use RMB [8][9] - Optimism persists among surveyed companies, with 57% of domestic firms and 69% of foreign firms expecting to increase their use of RMB in cross-border trade settlements by 2025 [9][10]

Core Insights - Stablecoins are poised to become the new infrastructure for cross-border trade settlements, with all payment companies and banks needing to support them to avoid obsolescence [1][3] - The traditional cross-border payment system is plagued by high fees and long transaction times, which stablecoins can address through blockchain technology [3] Group 1: Industry Trends - The transition to stablecoins in B2B cross-border payments is expected to lead to significant changes in wallet structures, with a rise in dual-currency wallets that support both fiat and stablecoins [3] - The use of stablecoins can drastically reduce transaction costs, with fees previously ranging from $50 to $100 per transaction being minimized, and transaction times reduced to minutes or even seconds [3] Group 2: Future Outlook - Despite the rapid development of stablecoins, they are not expected to fully replace fiat currencies; instead, a long-term demand for the exchange between stablecoins and fiat will persist [3] - The dual-currency wallet model will become a standard in the B2B cross-border trade payment sector, allowing businesses to choose between fiat and stablecoin based on their specific needs [3]

Core Viewpoint - The application of digital currency, particularly the digital yuan (e-CNY), is becoming a significant trend in international payments and cross-border trade settlements, representing China's strategic move to enhance its competitiveness in the global economic system [1] Group 1: Digital Yuan and Smart Contracts - The digital yuan is not just a digital form of the renminbi but a strategic initiative by China to deepen reforms and enhance competitiveness in the global economy [1] - Smart contracts, based on blockchain technology, can automatically execute contract terms without relying on third-party intermediaries, improving efficiency and transparency in cross-border trade settlements [1][3] Group 2: Advantages Over Traditional Payment Systems - Traditional cross-border payment systems rely on intermediaries, making the process cumbersome and time-consuming, while the digital yuan's smart contracts can automatically trigger payments upon consensus between trading parties [3] - The use of digital yuan can effectively reduce risks associated with exchange rate fluctuations by minimizing foreign exchange conversion steps, thus enhancing payment stability and reliability [3] Group 3: Integration with SWIFT System - The SWIFT system remains a crucial infrastructure for cross-border payments, but it has limitations such as long transaction times and high costs, which the digital yuan's smart contracts can help address [5] - Integrating digital yuan smart contracts into the SWIFT system can enhance cross-border payment efficiency, reduce costs, and improve interoperability within the global payment system [5][7] Group 4: Future Implications - The collaboration between digital yuan and the SWIFT system can simplify settlement processes by allowing direct payments between buyers and sellers, reducing operational risks and disputes arising from information asymmetry [7] - The synergy between digital yuan and SWIFT is expected to drive the intelligent transformation of global cross-border payments, ushering in a new era of efficient, secure, and convenient payment solutions [9]