{"id":5279,"date":"2025-08-19T23:55:28","date_gmt":"2025-08-19T23:55:28","guid":{"rendered":"https:\/\/jobuzo.com\/en\/stablecoin-law-holds-promise-for-e-cny-cross-border-flows-morgan-stanley\/"},"modified":"2025-08-19T23:55:28","modified_gmt":"2025-08-19T23:55:28","slug":"stablecoin-law-holds-promise-for-e-cny-cross-border-flows-morgan-stanley","status":"publish","type":"post","link":"https:\/\/jobuzo.com\/en\/stablecoin-law-holds-promise-for-e-cny-cross-border-flows-morgan-stanley\/","title":{"rendered":"Stablecoin law holds promise for e-CNY, cross-border flows: Morgan Stanley"},"content":{"rendered":"
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Hong Kong dollar stablecoins could become a key link between China’s digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley.<\/p>\n

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Local currency-backed stablecoins could provide a pathway for mainland China’s e-CNY – the country’s only legal digital currency backed by the government – to gain a foothold globally while advancing Beijing’s drive to internationalise its currency and counter US dollar dominance, Laura Wang, the bank’s chief China equity strategist, said in a written interview last week.<\/p>\n

Hong Kong’s stablecoin ordinance<\/span>, which took effect at the beginning of the month, allows for real-time, low-cost transactions and is designed to support cross-border use. The e-CNY is backed by the People’s Bank of China and is undergoing a pilot scheme for cross-border payments<\/span> in Hong Kong.<\/div>\n

“In theory, HKD stablecoins could act as a bridge between e-CNY and global digital assets,” said Wang. International investors could convert the world’s largest stablecoins, USDT and USDC, into Hong Kong dollar stablecoins and then into e-CNY, and invest in Hong Kong-listed assets or tokenised securities, she added.<\/p>\n

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Laura Wang, chief China equity strategist at Morgan Stanley. Photo: Handout<\/figcaption><\/figure>\n<\/div>\n<\/div>\n

“This creates a pathway for [yuan]-linked capital flows without violating mainland capital controls,” she said. “It also supports [the yuan] internationalisation through offshore channels.”<\/p>\n

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Stablecoin law holds promise for e-CNY, cross-border flows: Morgan Stanley<\/sub><\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong dollar stablecoins could become a key link between China’s digital yuan and top global digital assets, potentially transforming cross-border investment and accelerating yuan internationalisation, according to Morgan Stanley. Advertisement Local currency-backed stablecoins could provide a pathway for mainland China’s e-CNY – the country’s only legal digital currency backed by the government – to…<\/p>\n

Read More “Stablecoin law holds promise for e-CNY, cross-border flows: Morgan Stanley”<\/span> »<\/a><\/p>\n","protected":false},"author":1,"featured_media":5280,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/posts\/5279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/comments?post=5279"}],"version-history":[{"count":0,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/posts\/5279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/media\/5280"}],"wp:attachment":[{"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/media?parent=5279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/categories?post=5279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jobuzo.com\/en\/wp-json\/wp\/v2\/tags?post=5279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}