Xu Zhengyu: Hong Kong regulations do not rule out the possibility of stablecoins being pegged to the Renminbi.

During a media interview, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, who attended the Lujiazui Forum in Shanghai, was asked about the possibility of stablecoins being pegged to the Renminbi. He pointed out that from the perspective of Hong Kong regulations, this possibility cannot be ruled out. Legally, it is permissible to use different fiat currencies as the underlying benchmarks for stablecoins, but pegging to the Renminbi must consider the country's exchange rate and monetary policy, requiring a comprehensive assessment of the associated risks and benefits.