Zhu Guangyao: It is suggested to include the Renminbi stablecoin in the top-level planning of the national financial strategy.

[Zhu Guangyao: Suggests Incorporating RMB Stablecoin into National Financial Strategy Top-Level Planning] Former Vice Minister of Finance Zhu Guangyao shared his observations on the recent dynamics of stablecoins and interpreted the adjustments in U.S. stablecoin policies during his speech at the closed-door seminar "The Future of Stablecoins" hosted by the New Economist Think Tank. After analyzing data related to stablecoins, he proposed a policy path for our country to respond to stablecoins from a macro perspective. When discussing how stablecoins pegged to fiat currencies affect the international monetary system and international financial order, Zhu Guangyao stated that stablecoins pegged to the US dollar will usher in the third phase of the Bretton Woods system. Regarding what strategy China should adopt in response to stablecoins, Zhu Guangyao believes that progress can be made from three aspects. First, we should make full use of the pilot offshore market in the Hong Kong Special Administrative Region. The Hong Kong "Stablecoin Ordinance" will officially take effect on August 1 this year. As China's external window, Hong Kong provides a crucial platform for practicing relevant measures. We must fully affirm and leverage Hong Kong's role in this regard, and strengthen policy communication between the financial regulatory authorities of the mainland and Hong Kong, while firmly seizing this valuable window of opportunity. Second, the core strategy of stablecoins must revolve around the Renminbi. Whether it is offshore Renminbi or onshore Renminbi, there is a need to promote the establishment of stablecoins pegged to the Renminbi. While supporting the Hong Kong banking system, it is essential to incorporate Renminbi stablecoins into the overarching design of the national financial strategy for coordinated planning. Thirdly, it is necessary to closely observe the usage of stablecoins pegged to fiat currency on a global scale, particularly in the following three aspects. Firstly, it is essential to closely monitor the implementation of the stablecoin legislation once it becomes law on August 1, as stated by Trump; secondly, to track the promotion of stablecoins pegged to fiat currency in different regions and countries; and finally, to observe the roles played by national governments, regulatory agencies, and commercial institutions in the issuance of stablecoins pegged to fiat currency.