China Targets Global Trade with Yuan-Pegged Stablecoins

China is taking a significant step towards expanding its global financial presence by exploring the use of yuan-backed stablecoins for international trade. The initiative, still in its early stages, aims to reduce reliance on dollar-based settlements and bolster China’s role in cross-border transactions. Chinese policymakers are currently drafting a stablecoin strategy for this purpose, with a focus on Hong Kong and Shanghai as key hubs.