Question 1

What did the PBOC say about stablecoins at the 2026 Lujiazui Forum?

Accepted Answer

Wang Xin, director-general of the PBOC Research Bureau, said on June 17 that regulators should closely monitor whether stablecoins take on a larger role in international payments and called for stronger regulatory coordination and international cooperation to address their impact on the monetary system.

Question 2

What is CBETS and which banks joined it?

Accepted Answer

CBETS is a blockchain-based cross-border platform operated by e-CNY Center International Co that enables digital yuan settlement across jurisdictions. The first 26 participants include Standard Chartered Bank (China) and overseas branches of Chinese banks in Thailand, Singapore, Laos, the UAE, Qatar, Brazil, Hong Kong, and Macao.

Question 3

How does China's approach to stablecoins differ from Hong Kong's?

Accepted Answer

Mainland China banned unauthorized yuan-pegged stablecoins in February 2026 and is promoting the state-issued digital yuan (e-CNY) as its cross-border payment tool. Hong Kong, by contrast, is developing a licensing regime under its Stablecoins Ordinance and is expected to grant its first batch of private stablecoin licenses to a small number of issuers.

CBETS

China turns attention to stablecoins role in cross-border payments

One sharp brief.
Every day.

CBETS

China turns attention to stablecoins role in cross-border payments

One sharp brief.Every day.

One sharp brief.
Every day.