Chairman of the Hong Kong Institute of International Finance: Using Hong Kong's digital financial infrastructure to explore the RMB-pegged "Greater B

Professor Xiao Geng, Chairman of the Hong Kong International Finance Association, Professor of the Advanced Finance Research Institute of the Chinese University of Hong Kong (Shenzhen), and Director of the Policy and Practice Research Institute, stated that Hong Kong has always been a testing ground for cutting-edge financial innovation, with a good tradition of innovation, a good system for implementing experiments, and a good market foundation. Creating a stablecoin linked to the renminbi based on stablecoins, limited memory blockchains, and digital smart contracts can consolidate and enhance Hong Kong's status as an international financial center.

Xiao Geng emphasized that the future Hong Kong digital financial infrastructure platform linked to the renminbi has great application prospects and significance. First, it opens up a new offshore renminbi product and service platform and balances the US-dominated international financial system in incremental form. Second, it greatly enriches the product spectrum of the offshore renminbi market, creates a new incremental market, efficiently promotes the internationalization of the renminbi, and consolidates Hong Kong's status as an international financial center in the digital economic and financial era. Third, it builds firewalls and backup plans to prevent systemic risks arising from the linkage of the Hong Kong dollar and the US dollar in the event of a collapse of the US dollar.