Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Legislation on stablecoins is a milestone for Hong Kong, paving way for RMB’s cross-border use;
- China's finance ministry issues 12.5 billion yuan of treasury bonds in Hong Kong.
Here’s what you need to know about China in the past 24 hours
Hong Kong's introduction of the world's first dedicated legislation on fiat-referenced stablecoins — a type of cryptocurrency — marks a significant milestone in the city's push to solidify its status as a global financial hub that pioneers in virtual asset regulation, financial experts said.
The move also reflects China's broader strategic ambition to strengthen its financial heft in the digital age, the experts said. They added that the legislation may open up new possibilities for cross-border use of the digital yuan, or e-CNY, while providing a reference for any potential adoption of stablecoins in other parts of the country.
A stablecoin is a digital currency that is built on blockchain technology and pegged to fiat currencies or other assets at a designated exchange rate to maintain a stable value. Fiat-referenced stablecoins are backed by fiat currencies, which are government-issued money not backed by a physical asset such as gold.
In late May, the Legislative Council of the Hong Kong SAR passed the Stablecoins Bill, establishing a licensing regime for fiat-referenced stablecoins issuers. The bill became law on May 30 when it was gazetted as the Stablecoins Ordinance.
While the commencement date of the ordinance is currently unknown, the Hong Kong Monetary Authority said it expects the ordinance to take effect this year.
"Hong Kong's Stablecoins Ordinance marks the world's first official legislation targeting stablecoins, setting a policy benchmark globally," said Song Ke, executive vice-president of Renmin University of China's Shenzhen Research Institute.
The legislation opens new possibilities for the cross-border use of the e-CNY, representing a positive factory for the internationalization of the Chinese currency. Such synergy may allow China to explore innovations for cross-border payments, improve efficiency and reduce reliance on SWIFT, the world's leading system of secure financial messaging services, Song added.
Stablecoins have drawn regulatory attention globally. On May 19, the United States Senate advanced its own bill to regulate stablecoins, called the GENIUS Act.
Circle Internet, the issuer of regulated stablecoin USDC, may raise USD1.1 billion through an IPO on the NYSE, bringing its market value to USD6.8 billion.
Yuan Shuai, deputy secretary-general of Z-Park Internet of Things Industry Alliance, said Hong Kong's Stablecoins Ordinance has significant importance for the global financial hub amid intensifying global competition over stablecoin leadership.
"Hong Kong's more open regulatory environment for the crypto industry will present opportunities for the subsidiaries of mainland banks to gain experience in the market," Moody's Investors Service said in its research report.
GBA express
- China's Ministry of Finance issued this year's third batch of yuan-denominated treasury bonds worth 12.5 billion yuan in Hong Kong yesterday, including 3.5 billion yuan of two-year bonds and 3 billion yuan of each of three-year, five-year, and 10-year bonds.
- Hong Kong announced the pricing of approximately HKD27 billion worth of green bonds and infrastructure bonds denominated in Hong Kong dollars, renminbi, US dollars and euro. According to the government, the offering attracted participation from over 30 markets across Asia, Europe, the Middle East and the Americas, with the total order amounting around HKD237 billion.
- Southeast Asian business veterans participating in an opportunity-discovery tour of the Greater Bay Area said on Wednesday they hope to harness the region’s development opportunities and institutional advantages as a springboard into the broader Chinese market. They were part of a delegation of more than 70 consular officials and business chamber heads from Hong Kong, with Shenzhen being their first stop. On the second day, the delegation traveled to Guangzhou, with an itinerary that included stops at smart agriculture company XAG and EV manufacturer XPeng. The group also toured Guangzhou International Financial City. The day concluded with a policy promotion session hosted by the Guangzhou municipal government, offering further insights into the city’s development strategies.
- Cathay Pacific announced that it has partnered with Sinopec to refuel select departures from Hong Kong International Airport using sustainable aviation fuel blended by the Chinese state-owned energy giant.
- Shanghai-based Jinjiang International Hotels, which is listed on the city's stock exchange, announced on Wednesday it is seeking a secondary listing in Hong Kong. Funds raised through the IPO will be used to repay loans, strengthen overseas expansion and replenish working capital. The group plans to open more hotels in Asia, including Malaysia.
Industry and company news
- Shares in Changan Automobile advanced today after the Chinese vehicle manufacturer said that it will be spun off from its parent company China South Industries Group to become a standalone central state-owned enterprise, putting an end to long-standing rumors of a potential merger with Dongfeng Motor. Changan’s auto business will be calved off into an independent central enterprise, the firm said today, citing a notice that China South Industries received from the State-owned Assets Supervision and Administration Commission, which has received approval from the State Council.
- XPeng Motors announced it partnered with Huawei to equip the Chinese tech giant’s cutting-edge augmented reality heads-up display on its upcoming G7 electric SUV. The new AR HUD technology will be unveiled at a launch event today.
- China Southern Airlines flight CZ3383, carrying 139 passengers, became the first commercial flight on the China-made C919 to fly to a regional airport after landing at Nanyang Airport in Henan province from Guangzhou yesterday.
- Chinese wind power giant Sany Renewable Energy has signed a clean energy supply agreement in Serbia to construct a wind power plant in the eastern European country. The wind farm will be located in the northeastern city of Alibunar and generate 480 million kilowatt-hours a year, Sany said yesterday.
- May deliveries of China-made Tesla Model 3 and Model Y electric cars, both domestically and for export, fell 15 percent from a year earlier to 61,662 vehicles, following a 6 percent drop in April, according to the China Passenger Car Association on Wednesday.
- Zhejiang has become the first province in China to issue special government bonds for the purpose of buying unsold homes and converting them into affordable housing. The province sold three bonds worth nearly 1.7 billion yuan, according to an official announcement.
- China's finance ministry unveiled a list of 20 Chinese cities, including Beijing, Tianjin, Dalian, Harbin, Suzhou, Guangzhou, and Urumqi, eligible for central budget support for urban renewal actions. The subsidies are limited to 800 million yuan for eastern cities, 1 billion yuan for the central cities, and 1.2 billion yuan for the western cities and municipalities.
Asia-Pacific highlights
- Chinese carmakers took center stage at an exhibition on Wednesday during the Road Safety Week events organized by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in Bangkok. Several leading Chinese carmakers in Thailand -- Changan Automobile, GAC Group, BYD, and Great Wall Motor -- joined global peers like Mercedes-Benz and Land Rover to showcase advanced driver-assistance systems, including features such as adaptive cruise control and automatic parking.
- China announced an "ASEAN visa" for business executives from the 10 ASEAN members and ASEAN observer Timor-Leste. Chinese Foreign Ministry spokesman Lin Jian told a news conference on Tuesday that the new program offers five-year multiple-entry visas to eligible applicants visiting China for business. It allows them, their spouses and their children a maximum stay of 180 days. Lin said this will further facilitate cross-border travel in the region following the visa-free arrangements between China and Singapore, Thailand and Malaysia, plus China's "Lancang-Mekong visas" program for Mekong River nations.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
抖音是大家非常熟悉的软件，深受用户喜爱，尤其是年轻人中，几乎每个人的手机安装了抖音。抖音功能很丰富，可以看视频，看直播，还可以购物。为了给用户带来更好的购物体验，抖音月付应运 抖音作为当今电商巨头，稳健发展，不断创新，引领了新的生活时尚。抖音月付「分付」额度作为抖音旗下重要的消费金-融产品，也在影响着年轻人的生活方式，以及购物习惯。快节奏的生活， 抖音月付是属于抖音钱包针对优质受邀用户群体开放使用的一款个人消费分期产品。抖音推出首个信用消费产品“月付”,抖音依托于对零售产业数字化的理解,在业内率先将AI等前沿 抖音是大家非常熟悉的软件，深受用户喜爱，尤其是年轻人中，几乎每个人的手机安装了抖音。抖音功能很丰富，可以看视频，看直播，还可以购物。为了给用户带来更好的购物体验，抖音月付应运 。本文链接：CBN丨Stablecoins legislation in Hong Kong opens up possibility for cross-border use of digital yuanhttp://www.sushuapos.com/show-3-145753-0.html
声明：本网站为非营利性网站，本网页内容由互联网博主自发贡献，不代表本站观点，本站不承担任何法律责任。天上不会到馅饼，请大家谨防诈骗！若有侵权等问题请及时与本网联系，我们将在第一时间删除处理。