CoinVoice has learned that, according to Reuters, China is considering allowing the first use of a stablecoin backed by the renminbi to promote the internationalization of the renminbi.

According to the latest information from multiple sources, Chinese tech giants have proposed to regulatory authorities to issue a stablecoin pegged to the offshore yuan in Hong Kong. Regulatory agencies in Shanghai are actively studying policy responses to stablecoins, despite the fact that mainland China has banned cryptocurrency trading since 2021.

This move is in line with the recent statements from the People's Bank of China, whose governor has publicly pledged to expand the international use of the digital renminbi and called for the development of a multipolar currency system.