The sharp fall in the U.S. dollar during the first half of 2025 has prompted Chinese financial institutions to accelerate efforts to expand the global role of the renminbi.
Policymakers and market participants see the launch of an offshore RMB-denominated stablecoin as a potential vehicle to provide a credible alternative to the dollar in trade and finance. The initiative is part of China’s broader push to reduce reliance on the greenback and strengthen its influence in global capital markets.
Info comes via a Chinese media report.
