Recently, Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Financial and Development Laboratory, expressed his views on the development of global Digital Money. He pointed out that there are three strategic considerations behind the United States' active promotion of stablecoin legislation: consolidating the dominant position of the dollar in the international financial system, accelerating the modernization transformation of payment systems, and opening up a new demand market for U.S. Treasury bonds. Li Yang believes that stablecoins can be essentially viewed as an extension and expansion of the dollar on Blockchain technology.

In the face of this global trend, Li Yang suggested that China should unswervingly promote the internationalization of the renminbi, while adapting to the development direction of the gradual integration of stablecoins and the traditional financial system, and facilitate the complementary relationship between renminbi stablecoins and central bank digital currencies in terms of functionality. He particularly emphasized that Hong Kong's unique advantages as an international financial center should be fully leveraged to vigorously develop offshore renminbi stablecoin business, establish controllable and secure international payment channels, and lay the foundation for China to maintain competitiveness in the digital finance era.