JD Group Executive: Suggest using offshore RMB stablecoin to promote the internationalization of the RMB

On June 13, Shen Jianguang, chief economist of JD.com, and Zhu Taihui, senior research director of JD.com, published an article in the China Economic Times sponsored by the Development Research Center of the State Council entitled “Promoting the Internationalization of RMB with Offshore RMB Stablecoins”, which pointed out that the issuance of RMB stablecoins is a new starting point for accelerating the internationalization of RMB in response to the needs of global stablecoin development trends, in response to the new US cryptocurrency policy. The development of offshore renminbi stablecoins is an important means to alleviate the impact of uncertainty on the development of the “digital currency bridge”, and will not affect the mainland’s monetary policy regulation and cross-border capital management. After accumulating experience and improving the mechanism in Hong Kong, we will gradually promote the development from Hong Kong to the Mainland Free Trade Zone and Free Trade Port in accordance with the model of “offshore first and then onshore offshore”, so as to continuously strengthen the supporting role of RMB internationalisation. In order to achieve controllable risks, the user group can be limited to institutional customers and “qualified investors” first, and then gradually open up to retail users and the general public. (China Economic Times)