[Christopher Hui: Hong Kong to First Implement HKD Stablecoin, Initial Licenses to Be Issued Early Next Year as Scheduled] According to an exclusive interview with Caixin, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated that the licensing applications for compliant stablecoins are progressing according to the original framework. The first batch of licenses is expected to be issued as scheduled in early 2024. Hong Kong's regulatory positioning is very clear, aiming to achieve a balance in three areas: innovation, integration with the real economy, and risk management. The first to be implemented will be the HKD stablecoin. Regarding the issuance of RMB stablecoins in Hong Kong, Christopher Hui noted that from Hong Kong's perspective, the legal framework allows different fiat currencies to serve as the underlying benchmark for stablecoins. However, currencies carry sovereign intent and strategic considerations. Pegging to the RMB must take into account national exchange rate and monetary policies, requiring a comprehensive assessment of the associated risks and benefits.