Chairperson of the Hong Kong Institute of International Finance: Using Hong Kong's Digital Finance Infrastructure to Explore RMB-linked "Greater Bay Area Stablecoin"

According to Xinhua Finance, Xiao Geng, chairperson of the Hong Kong Institute of International Finance, professor of the Institute of Advanced Finance of the Chinese University of Hong Kong (Shenzhen), and director of the Institute of Policy and Practice, said that Hong Kong has always been a testing ground for various cutting-edge financial innovations, with a good tradition of innovation. The system and market foundation for the implementation of the experiment are sound, and the creation of a Greater Bay Area stablecoin pegged to the RMB based on stablecoins, limited memory blockchains, and digital smart contracts can consolidate and enhance Hong Kong's status as an international financial center.
Xiao Geng stressed that the future digital financial infrastructure platform linked to the RMB in Hong Kong has great application prospects and significance. First, to develop a new offshore RMB product and service platform, and to balance the international financial system dominated by the US dollar in an incremental form; second, to greatly enrich the product spectrum of the offshore RMB market, create a new incremental market to efficiently promote the internationalization of the RMB and stabilize Hong Kong's position as an international financial center in the digital economy and finance era; third, to build a firewall and spare tire to prevent the systemic risks caused by the pegging of the Hong Kong dollar to the US dollar in the scenario of the collapse of the US dollar.