Recently, at the highly anticipated "2025 International Currency Forum", former president of the Bank of China Li Lihui shared profound insights on the development prospects of stablecoins and their potential impact.

Li Lihui pointed out that stablecoins, as an emerging financial instrument, although having significant advantages in promoting financial innovation and convenience, should not overlook the systemic financial risks they may trigger.

He specifically mentioned the strategic intentions of the United States in the field of stablecoins. Li Lihui believes that the U.S. is attempting to consolidate its dominant position in the global monetary financial system by closely linking stablecoins to the U.S. dollar. However, he warns that if the U.S. cannot effectively manage its long-standing twin deficit issue, it may pose a threat to the stability of the dollar.

Regarding the development of stablecoins in Hong Kong, Li Lihui holds an open attitude. He suggested that, under certain conditions, it may be considered to moderately relax the access restrictions for Hong Kong stablecoins in mainland China, which would not only benefit the development of the Hong Kong financial market but could also become a powerful tool to promote the internationalization of the Renminbi.

In addition, Li Lihui emphasized the importance of closely monitoring the dynamics of the decentralized financial market led by the United States. He believes that by gaining a deep understanding and analysis of these emerging financial models, China can find new ways to enhance its position in the global monetary financial system.

Li Lihui's viewpoint reflects the keen insight of China's financial community into the changes in the global monetary landscape, while also embodying China's cautious attitude and strategic thinking in the face of financial innovation. With the rapid development of the digital economy, new financial instruments such as stablecoins will continue to influence the global financial landscape. How countries seek to balance innovation and risk control will be a key issue for future financial development.