Hong Kong Urged to Focus on RMB Stablecoins

Yao Zhisheng, member of the Chinese People’s Political Consultative Conference, proposes Hong Kong develop a white paper on financial growth, focusing on stablecoins and bonds to surpass London’s financial stature.

This initiative aligns Hong Kong with China’s financial strategies, emphasizing RMB internationalization through stablecoins, potentially attracting global fintech investment and altering the stablecoin market landscape.

Yao Zhisheng Advocates for RMB Stablecoins Development

Yao Zhisheng, a member of the Chinese People’s Political Consultative Conference, has urged Hong Kong to prepare a detailed white paper focusing on financial development. He suggests promoting the growth of RMB stablecoins and expanding the bond market to rival London and stand alongside New York as a premier financial hub.

The implementation could see Hong Kong pivot towards a financial strategy grounded on RMB and USD, thereby expanding its global influence. This strategic initiative emphasizes stablecoins and the broader financial internationalization of the RMB.

Yao Zhisheng proposed that Hong Kong ‘proactively develop a white paper on financial development, emphasizing stablecoins and bond markets to surpass London’ while focusing on its role as a global financial center based on both RMB and USD.

RMB Stablecoins: Lessons from Bond Connect

Did you know? The push for RMB stablecoins aligns with previous initiatives like Bond Connect, which significantly increased cross-border capital flows.

As of 02:06 UTC on August 7, 2025, Tether USDt (USDT) maintains a steady price of $1.00, reflected in a market cap of $164.08 billion, per CoinMarketCap. The 24-hour trading volume stands at $85.43 billion, marking a decrease of 13.61%.

The Coincu research team notes that such proposals can catalyze financial innovation and generate interest in regulated digital assets. These initiatives may stimulate regional fintech growth and strengthen Hong Kong’s financial infrastructure.