JD Group executives: It is recommended to use offshore RMB stablecoins to promote the internationalization of the RMB

PANews reported on June 13 that JD Group Chief Economist Shen Jianguang and JD Group Senior Research Director Zhu Taihui published an article titled "Promoting RMB Internationalization with Offshore RMB Stablecoins" in the China Economic Times hosted by the Development Research Center of the State Council. The article pointed out that issuing RMB stablecoins is a need to comply with the development trend of global stablecoins, a means to cope with the new US cryptocurrency policy, and a new tool to accelerate the internationalization of RMB. The development of offshore RMB stablecoins is an important means to mitigate the impact of uncertainty in the development of the "digital currency bridge" and will not affect the mainland's monetary policy regulation and cross-border capital management.

In terms of development rhythm, we adopt a gradual model. After accumulating experience and improving the mechanism in Hong Kong, we will gradually promote it from Hong Kong to the free trade zones and free trade ports in the Mainland in accordance with the model of "first offshore and then offshore", so as to continuously strengthen the support for the internationalization of the RMB. In order to achieve controllable risks, the user group can be limited to institutional clients and "qualified investors" first, and then gradually open it to retail users and the general public.