Recenty, Reuters and Regulation Asia came to interview me, mainly about the views on digital renminbi and private stablecoins. Some questions were obviously designed to trap, and it’s easy to accidentally say something politically incorrect.

Actually, I want to say that the digital renminbi is just a Plan B, playing a strategic backup role in certain specific scenarios.
The backup mindset has been an important guiding principle for policymakers since 2008 when formulating various industrial policies. The digital renminbi fundamentally is not meant to serve daily commercial competition, so it cannot be directly compared to private stablecoins.
However, after the tariff war in 2025, whether in the United States or China, the notions of quick victory and unilateral collapse have basically disappeared. The core issue is that neither side has the capability to deliver a decisive blow.
Therefore, a more pragmatic attitude is to fight and cooperate simultaneously. The long-term game of strategic competition will not follow the so-called “Thucydides Trap,” where rise and fall are part of a story.
The ultimate form of world politics is like street culture: in the end, it’s about factions and alliances. But the state of Nash equilibrium is precisely one where everyone is difficult to satisfy, always seeking harmony but never truly achieving it.