(Chairman of the Hong Kong International Finance Association: Using Hong Kong's digital financial infrastructure to explore the "Greater Bay Area Stablecoin" linked to the RMB)

Golden Finance reported that according to Xinhua Finance, Xiao Geng, Chairman of the Hong Kong International Finance Association, 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 fine tradition of innovation, and a good institutional and market foundation for implementing experiments. Creating a Greater Bay Area stablecoin linked 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 emphasized that the Hong Kong digital financial infrastructure platform linked to the RMB in the future has great application prospects and significance. First, it will open up a new offshore RMB product and service platform and balance the international financial system dominated by the US dollar in an incremental form; second, it will greatly enrich the product spectrum of the offshore RMB market and create a new incremental market

Efficiently promote the internationalization of the RMB and consolidate Hong Kong's status as an international financial center in the digital economic and financial era; third, it will build firewalls and spare tires to prevent systemic risks caused by the Hong Kong dollar being linked to the US dollar in the scenario of the collapse of the US dollar.