Core Insights - The core viewpoint of the articles is that Hong Kong is emerging as a key experimental ground for new financial order in the blockchain era, driven by the implementation of the Stablecoin Regulation and the exploration of Real World Asset (RWA) tokenization [1][3][8] Group 1: Stablecoin Development - Hong Kong's stablecoin development is based on a "regulatory-first" innovation paradigm, aiming to inject "trust backing" into digital assets through high standards and clear application scenarios [3][4] - The integration of stablecoins with the internationalization of the Renminbi and cross-border trade settlements is seen as a foundation for Hong Kong to compete for global digital financial rule-making [3][4] Group 2: RWA Tokenization - RWA is viewed as the "asset layer" supporting stablecoins, with tokenization of standard financial assets like bonds and funds being a feasible entry point that lowers investment barriers and enhances transaction efficiency [4][6] - The collaboration between companies like Langxin Technology and Ant Group on RWA projects exemplifies how traditional assets can be transformed into financing opportunities, addressing challenges in SME financing [4][6] Group 3: Risks and Challenges - There are warnings regarding the risks associated with RWA, particularly concerning the authenticity of on-chain and off-chain asset mapping, which could lead to speculative traps if not managed properly [6][7] - Regulatory differences across jurisdictions and issues related to tax accounting and data privacy are identified as potential barriers to the large-scale development of RWA [6][7] Group 4: Strategic Recommendations - Financial institutions in Hong Kong are advised to prioritize a systematic understanding of blockchain, stablecoins, and RWA, focusing on standard financial assets and building compliance experience through modular frameworks [7][8] - The unique advantages of Hong Kong, such as its institutional flexibility under "one country, two systems," position it favorably in the global digital finance competition [7][8] Group 5: Future Outlook - The success of Hong Kong's new financial landscape will depend on balancing innovation speed with risk management, with the potential to serve as a model for global blockchain finance [8]

Core Viewpoint - The article emphasizes the urgent need to address two key issues in building and improving the international credit system for the Renminbi: the transformation of vast domestic economic and financial assets into a solid credit foundation for Renminbi internationalization, and the potential of digital technology to enhance the international recognition and attractiveness of Renminbi-denominated assets [1][2]. Group 1: Cross-Border Credit and Internationalization Challenges - The internationalization of the Renminbi has entered a critical phase, with significant issues such as frequent defaults on offshore bonds by Chinese real estate companies, totaling $147 billion since 2021, and a cash recovery rate of only 0.6% for investors, highlighting severe obstacles in the cross-border liquidity and credit conversion mechanisms of domestic assets [2][4]. - The real estate sector, once a crucial pillar of credit, is now trapped in a liquidity crisis, with high levels of offshore debt defaults and low asset disposal rates due to restrictions on the cross-border flow of core assets like land and commercial real estate [4][5]. Group 2: Marketization and Legalization Shortcomings - Capital flow controls limit foreign investors' ability to freely allocate Renminbi assets, with the current reliance on quota mechanisms like QFII/RQFII hindering the attractiveness of Renminbi-denominated high-risk, high-return assets [7]. - Legal recognition issues are prominent, as cross-border restructuring processes often fail due to ineffective judicial enforcement, exemplified by the lack of force of Hong Kong court orders on mainland assets, which increases institutional costs [7]. Group 3: Digital Asset Credit Anchoring and Cross-Border Flow Issues - Real World Assets (RWA) tokenization, utilizing blockchain technology to convert tangible and intangible assets into digital tokens, has not yet effectively addressed the credit anchoring of assets in the context of digital Renminbi applications [8][9]. - The current focus of digital Renminbi on enhancing payment efficiency does not resolve the asset credit anchoring issue, leading to an imbalance where offshore markets are more active than onshore [9]. Group 4: Strategies for Enhancing International Credit - The article proposes leveraging RWA to activate real estate liquidity and reassess market value, with examples of successful tokenization projects that lower investment barriers and enhance transparency and liquidity [11]. - Establishing a dual-anchor system to strengthen the synergy between sovereign credit and market credit is suggested, including the issuance of offshore digital bonds and allowing Chinese banks to issue offshore Renminbi stablecoins [13]. Group 5: Breaking Down Cross-Border Regulatory Barriers - The article advocates for judicial recognition between mainland China and Hong Kong to clarify the legal claims of foreign investors on domestic assets, and the introduction of dynamic valuation mechanisms to prevent inflated collateral values [14]. - A multi-layered credit anchor system is proposed, focusing on activating existing asset liquidity and enhancing legal frameworks to support cross-border transactions [15][16]. Group 6: Internationalization of Sovereign Digital Assets - The issuance of digital bonds backed by RWA and the inclusion of Renminbi RWA in the IMF's Special Drawing Rights (SDR) basket are highlighted as crucial steps towards enhancing the international status of the Renminbi [17]. - The ultimate goal is to transform the Renminbi from a settlement tool into a value container, thereby responding to Western financial hegemony and contributing to the diversification of the global financial system [17].