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Hong Kong Legislative Council members suggest expanding the Hong Kong RMB fund pool to 5 trillion to support the development of stablecoins.
PANews, June 21, reported by Hong Kong China News Agency, the Chairman of the Hong Kong Association for Democracy and People’s Livelihood and Legislative Council Member, Leung Wai-kwok, stated that the development of stablecoins is a “breakthrough” for the Hong Kong financial market. Issuing offshore RMB stablecoins in Hong Kong can reduce its dependence on the SWIFT system. He has suggested striving to expand the size of the Hong Kong RMB fund pool, increasing it fivefold to 5 trillion yuan, in line with the development needs of RMB stablecoins.