Hong Kong Legislative Council Members Propose to Expand Hong Kong's Renminbi Fund Pool to 5 Trillion Yuan to Support the Development of Stablecoins

According to Hong Kong's China News Agency, Lu Weiguo, Chairman of the Hong Kong Federation of Economic and Social Democrats and Legislative Council member, stated that the development of stablecoins is a "breakthrough" in the Hong Kong financial market. Issuing offshore RMB stablecoins in Hong Kong can reduce Hong Kong's dependence on the SWIFT system. It has been suggested to strive to expand the size of the Hong Kong RMB fund pool, increasing it fivefold to RMB 5 trillion compared to the current level, to meet the needs of RMB stablecoin development.