{"id":240660,"date":"2025-08-22T11:40:23","date_gmt":"2025-08-22T03:40:23","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/"},"modified":"2025-08-22T11:48:08","modified_gmt":"2025-08-22T03:48:08","slug":"offshore-renminbi-backed-stablecoins-opportunities-and-challenges","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/","title":{"rendered":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58"},"content":{"rendered":"<p><span>2025<\/span><span>\u5e74<\/span><span>8<\/span><span>\u6708<\/span><span>1<\/span><span>\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002<\/span><\/p>\n<p><span>\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002<\/span><\/p>\n<h5><span><strong>\u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3<\/strong><\/span><\/h5>\n<p><span>\u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002<\/span><span> 2024<\/span><span>\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01<\/span><span>USDT<\/span><span>\u548c<\/span><span>USDC<\/span><span>\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002<\/span><\/p>\n<p><span>\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f3<\/span><span>2024<\/span><span>\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d<\/span><span>1.7<\/span><span>\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba1<\/span><span>3500<\/span><span>\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u7684<\/span><span>20%<\/span><span>\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a<\/span><span>6.8<\/span><span>\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u7834<\/span><span>4000<\/span><span>\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002<\/span><\/p>\n<p><span>\u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c<\/span><span>; <\/span><span>\u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002<\/span><\/p>\n<p><span>\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765<\/span><span>CIPS<\/span><span>\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002<\/span><\/p>\n<h5><span><strong>\u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22<\/strong><\/span><\/h5>\n<p><span>\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002<\/span><\/p>\n<p><span>\u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002<\/span><\/p>\n<p><strong>\u65b9\u7fd4\u6559\u6388<\/strong><\/p>\n<p><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388<\/strong><\/p>\n<p><strong>\u5218\u6d0b\u6559\u6388<\/strong><\/p>\n<p><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388<\/strong><\/p>\n<p><strong>\u5468\u7693\u5357\u6559\u6388<\/strong><\/p>\n<p><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388<\/strong><\/p>\n<p><span>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09<\/span><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-240660","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-ft-chinese-column-sc","leadership-topic-categories-opinions-and-speeches-sc","opinion-speeches-categories-faculty-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-08-22T03:40:23+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-08-22T03:48:08+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/ft-chinese-column-sc\\\/#listItem\",\"name\":\"\\u660e\\u5fb7\\u5546\\u8bba\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/ft-chinese-column-sc\\\/#listItem\",\"position\":2,\"name\":\"\\u660e\\u5fb7\\u5546\\u8bba\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/ft-chinese-column-sc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/#listItem\",\"name\":\"\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u673a\\u9047\\u4e0e\\u6311\\u6218\\u5e76\\u5b58\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/#listItem\",\"position\":3,\"name\":\"\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u673a\\u9047\\u4e0e\\u6311\\u6218\\u5e76\\u5b58\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/thought-leadership\\\/ft-chinese-column-sc\\\/#listItem\",\"name\":\"\\u660e\\u5fb7\\u5546\\u8bba\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/\",\"name\":\"\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u673a\\u9047\\u4e0e\\u6311\\u6218\\u5e76\\u5b58 - HKU Business School\",\"description\":\"2025\\u5e748\\u67081\\u65e5\\uff0c\\u9999\\u6e2f\\u300a\\u7a33\\u5b9a\\u5e01\\u6761\\u4f8b\\u300b\\u751f\\u6548\\uff0c\\u6807\\u5fd7\\u8457\\u4e2d\\u56fd\\u5c06\\u9010\\u6b65\\u53c2\\u4e0e\\u7a33\\u5b9a\\u5e01\\u5e02\\u573a\\uff0c\\u5e76\\u63a2\\u7d22\\u5982\\u4f55\\u901a\\u8fc7\\u9999\\u6e2f\\u8fd9\\u4e00\\u79bb\\u5cb8\\u91d1\\u878d\\u4e2d\\u5fc3\\uff0c\\u5229\\u7528\\u7a33\\u5b9a\\u5e01\\u63a8\\u52a8\\u4eba\\u6c11\\u5e01\\u56fd\\u9645\\u5316\\u3002 \\u8981\\u56de\\u7b54\\u8fd9\\u4e00\\u95ee\\u9898\\uff0c\\u6211\\u4eec\\u9700\\u8981\\u5728\\u5f53\\u524d\\u5e02\\u573a\\u60c5\\u7eea\\u9ad8\\u6da8\\u7684\\u80cc\\u666f\\u4e2d\\uff0c\\u7406\\u6027\\u3001\\u5ba2\\u89c2\\u5730\\u7406\\u89e3\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u53d1\\u5c55\\u903b\\u8f91\\u3002 \\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u53d1\\u5c55\\u524d\\u666f\\u7531\\u5176\\u4f7f\\u7528\\u9700\\u6c42\\u3001\\u5e95\\u5c42\\u8d44\\u4ea7\\u4f9b\\u7ed9\\u548c\\u653f\\u7b56\\u4e0e\\u76d1\\u7ba1\\u652f\\u63f4\\u4e09\\u4e2a\\u56e0\\u7d20\\u51b3\\u5b9a\\u3002 \\u9700\\u6c42\\u6f5c\\u529b\\u5de8\\u5927\\uff0c\\u4f46\\u50a8\\u5907\\u8d44\\u4ea7\\u4e0d\\u8db3 \\u5728\\u9700\\u6c42\\u5c42\\u9762\\uff0c\\u672a\\u6765\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u4e3b\\u8981\\u5e94\\u7528\\u5c06\\u96c6\\u4e2d\\u4e8e\\u8de8\\u5883\\u652f\\u4ed8\\u4e0a\\u3002 \\u7a33\\u5b9a\\u5e01\\u53ef\\u4ee5\\u5229\\u7528\\u652f\\u4ed8\\u6548\\u7387\\u9ad8\\u3001\\u6210\\u672c\\u4f4e\\u3001\\u624b\\u7eed\\u4fbf\\u6377\\u7b49\\u6280\\u672f\\u4f18\\u52bf\\u670d\\u52a1\\u5b9e\\u4f53\\u7ecf\\u6d4e\\u3002 2024\\u5e74\\u5168\\u5e74\\uff0c\\u7ecf\\u5e38\\u9879\\u4e0b\\u4eba\\u6c11\\u5e01\\u8de8\\u5883\\u6536\\u4ed8\\u8fbe\\u5230\\u5341\\u516d\\u4e07\\u4ebf\\u5143\\uff0c\\u662f\\u4e24\\u5927\\u7a33\\u5b9a\\u5e01USDT\\u548cUSDC\\u603b\\u5e02\\u503c\\u7684\\u516b\\u500d\\u3002 \\u5728\\u4e2d\\u957f\\u671f\\uff0c\\u8fd9\\u4e00\\u5de8\\u5927\\u7684\\u7ed3\\u7b97\\u4f53\\u91cf\\u6709\\u671b\\u9010\\u6b65\\u8f6c\\u5411\\u7a33\\u5b9a\\u5e01\\u3002 \\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u53d1\\u5c55\\u4e9f\\u9700\\u89e3\\u51b3\\u50a8\\u5907\\u8d44\\u4ea7\\u4f9b\\u7ed9\\u4e0d\\u8db3\\u95ee\\u9898\\u3002 \\u622a\\u81f32024\\u5e74\\u672b\\uff0c\\u70b9\\u5fc3\\u503a\\u9980\\u989d1.7\\u4e07\\u4ebf\\u5143\\uff0c\\u5176\\u4e2d\\u56fd\\u503a\\u548c\\u592e\\u7968\\u5408\\u8ba13500\\u4ebf\\u5143\\uff0c\\u77ed\\u671f\\u503a\\u5238\\u5360\\u6bd4\\u4e0d\\u8db3\\u4e00\\u6210\\u3002 \\u82e5\\u4eba\\u6c11\\u5e01\\u8de8\\u5883\\u8d38\\u6613\\u4e2d\\u768420%\\u91c7\\u7528\\u7a33\\u5b9a\\u5e01\\u652f\\u4ed8\\uff0c\\u4e14\\u7a33\\u5b9a\\u5e01\\u7684\\u6d41\\u901a\\u901f\\u7387\\u4e0e\\u7f8e\\u5143\\u7a33\\u5b9a\\u5e01\\u76f8\\u4f3c\\uff08\\u6839\\u636e\\u6211\\u4eec\\u7684\\u4f30\\u8ba1\\u4e3a6.8\\uff09\\uff0c\\u4ec5\\u8d38\\u6613\\u573a\\u666f\\u6240\\u9700\\u7a33\\u5b9a\\u5e01\\u89c4\\u6a21\\u5c31\\u5c06\\u7a81\\u78344000\\u4ebf\\u5143\\uff0c\\u76f8\\u5f53\\u4e8e\\u5f53\\u524d\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u77ed\\u503a\\u7684\\u5341\\u4f59\\u500d\\u3002 \\u56e0\\u6b64\\uff0c\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u53d1\\u5c55\\u9700\\u8981\\u52a0\\u901f\\u6784\\u5efa\\u66f4\\u5927\\u7684\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u5b89\\u5168\\u8d44\\u4ea7\\u6c60\\u3002 \\u7a33\\u5b9a\\u5e01\\u7684\\u8d38\\u6613\\u652f\\u4ed8\\u6f5c\\u529b\\u4e0e\\u50a8\\u5907\\u8d44\\u4ea7\\u4f9b\\u7ed9\\u6311\\u6218\\u4e00\\u4f53\\u4e24\\u9762\\uff0c\\u76f8\\u4e92\\u4f9d\\u5b58\\u3002 \\u7ecf\\u6d4e\\u5b66\\u7814\\u7a76\\u8868\\u660e\\uff0c\\u8d27\\u5e01\\u7684\\u8d38\\u6613\\u7ed3\\u7b97\\u4e0e\\u50a8\\u5907\\u8d44\\u4ea7\\u529f\\u80fd\\u5177\\u6709\\u5f3a\\u4e92\\u8865\\u6027\\u3002 \\u8d38\\u6613\\u652f\\u4ed8\\u4efd\\u989d\\u7684\\u63d0\\u5347\\u80fd\\u4fc3\\u8fdb\\u5176\\u6210\\u4e3a\\u50a8\\u5907\\u8d27\\u5e01\\uff0c\\u964d\\u4f4e\\u878d\\u8d44\\u6210\\u672c; \\u53cd\\u4e4b\\uff0c\\u6d41\\u52a8\\u6027\\u5f3a\\u7684\\u5b89\\u5168\\u8d44\\u4ea7\\u5e02\\u573a\\u4f1a\\u63a8\\u52a8\\u8d27\\u5e01\\u7684\\u8d38\\u6613\\u7ed3\\u7b97\\u3002 \\u4e2d\\u56fd\\u7684\\u4eba\\u6c11\\u5e01\\u56fd\\u9645\\u5316\\u7ecf\\u9a8c\\u4f50\\u8bc1\\u4e86\\u8fd9\\u4e00\\u7406\\u8bba\\u3002 \\u4f8b\\u5982\\uff0c\\u7b7e\\u8ba2\\u53cc\\u8fb9\\u672c\\u5e01\\u4e92\\u6362\\u534f\\u5b9a\\u6539\\u5584\\u4eba\\u6c11\\u5e01\\u878d\\u8d44\\u6761\\u4ef6\\u540e\\uff0c\\u76f8\\u5173\\u56fd\\u5bb6\\u7684\\u4eba\\u6c11\\u5e01\\u8de8\\u5883\\u652f\\u4ed8\\u589e\\u957f\\u56db\\u500d\\u3002 \\u6269\\u5927\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u77ed\\u671f\\u56fd\\u503a\\u548c\\u9999\\u6e2f\\u653f\\u5e9c\\u503a\\u5238\\u4f9b\\u7ed9\\uff0c\\u80fd\\u53d1\\u6325\\u8d38\\u6613\\u7ed3\\u7b97\\u9700\\u6c42\\u4e0e\\u50a8\\u5907\\u8d44\\u4ea7\\u89c4\\u6a21\\u548c\\u6d41\\u52a8\\u6027\\u7684\\u534f\\u540c\\u4f5c\\u7528\\u3002 \\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u5c06\\u4e3a\\u73b0\\u6709\\u7684\\u652f\\u4ed8\\u7ed3\\u7b97\\u4f53\\u7cfb\\u63d0\\u4f9b\\u8865\\u5145\\u3002 \\u8fd1\\u5e74\\u6765CIPS\\u3001\\u6570\\u5b57\\u8d27\\u5e01\\u6865\\u7b49\\u4e3e\\u63aa\\u63d0\\u5347\\u4e86\\u8de8\\u5883\\u652f\\u4ed8\\u6548\\u7387\\u3002 \\u7136\\u800c\\uff0c\\u8fd9\\u4e9b\\u7ba1\\u9053\\u4f9d\\u8d56\\u4e8e\\u53cc\\u8fb9\\u8c08\\u5224\\uff0c\\u53d1\\u5c55\\u8017\\u65f6\\uff0c\\u5176\\u8fd0\\u884c\\u4f9d\\u8d56\\u5404\\u56fd\\u53d1\\u5c55\\u7a0b\\u5ea6\\u4e0d\\u4e00\\u7684\\u94f6\\u884c\\u4f53\\u7cfb\\uff0c\\u4e5f\\u6df1\\u53d7\\u5730\\u7f18\\u653f\\u6cbb\\u7684\\u5f71\\u54cd\\u3002 \\u4e0e\\u6b64\\u76f8\\u6bd4\\uff0c\\u8fd0\\u884c\\u5728\\u516c\\u94fe\\u4e0a\\u7684\\u7a33\\u5b9a\\u5e01\\u8de8\\u56fd\\u63a5\\u53d7\\u5ea6\\u9ad8\\uff0c\\u4e0d\\u76f4\\u63a5\\u53d7\\u5236\\u4e8e\\u5404\\u56fd\\u653f\\u5e9c\\u3002 \\u5f53\\u524d\\u5df2\\u6d8c\\u73b0\\u4e0d\\u5c11\\u8de8\\u5883\\u652f\\u4ed8\\u67b6\\u6784\\u8fde\\u63a5\\u4f20\\u7edf\\u652f\\u4ed8\\u7cfb\\u7edf\\u3002 \\u82e5\\u80fd\\u5c06\\u7c7b\\u4f3c\\u6280\\u672f\\u7eb3\\u5165\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u9876\\u5c42\\u8bbe\\u8ba1\\u4e2d\\uff0c\\u6709\\u671b\\u5728\\u77ed\\u65f6\\u95f4\\u5185\\u5b9e\\u73b0\\u652f\\u4ed8\\u6548\\u7387\\u7684\\u63d0\\u5347\\u3002 \\u6e2f\\u5143\\u7a33\\u5b9a\\u5e01\\u5148\\u884c\\u63a2\\u7d22 \\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u7684\\u53d1\\u5c55\\u786e\\u6709\\u5176\\u590d\\u6742\\u6027\\u3002 \\u5728\\u6709\\u9650\\u5ea6\\u7684\\u8d44\\u672c\\u9879\\u76ee\\u5f00\\u653e\\u653f\\u7b56\\u4e0b\\uff0c\\u5982\\u4f55\\u5904\\u7406\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7a33\\u5b9a\\u5e01\\u4e0e\\u5728\\u5cb8\\u4eba\\u6c11\\u5e01\\u7684\\u5173\\u7cfb\\u4ecd\\u9700\\u63a2\\u7d22\\u3002 \\u76f8\\u8f83\\u800c\\u8a00\\uff0c\\u4f9d\\u6258\\u81ea\\u7531\\u5151\\u4ed8\\u548c\\u8054\\u7cfb\\u6c47\\u7387\\u5236\\u5ea6\\u7684\\u6e2f\\u5143\\u7a33\\u5b9a\\u5e01\\u66f4\\u5177\\u64cd\\u4f5c\\u6027\\u3002 \\u7387\\u5148\\u63a8\\u51fa\\u7684\\u6e2f\\u5143\\u7a33\\u5b9a\\u5e01\\u5c06\\u5728\\u50a8\\u5907\\u8d44\\u4ea7\\u7ba1\\u7406\\u3001\\u91d1\\u878d\\u7a33\\u5b9a\\u3001\\u5408\\u89c4\\u3001\\u53cd\\u6d17\\u94b1\\u3001\\u7f51\\u8def\\u5b89\\u5168\\u7b49\\u7ef4\\u5ea6\\u7ecf\\u53d7\\u65f6\\u95f4\\u548c\\u5e02\\u573a\\u7684\\u68c0\\u9a8c\\uff0c\\u4e3a\\u540e\\u7eed\\u79bb\\u5cb8\\u4eba\\u6c11\\u5e01\\u7684\\u53d1\\u5c55\\u63d0\\u4f9b\\u6709\\u76ca\\u7684\\u7ecf\\u9a8c\\u3002 \\u5bf9\\u4e8e\\u773c\\u4e0b\\u9999\\u6e2f\\u7a33\\u5b9a\\u5e01\\u7684\\u53d1\\u5c55\\uff0c\\u76d1\\u7ba1\\u90e8\\u95e8\\u7684\\u7acb\\u573a\\u8d8b\\u4e8e\\u7a33\\u5065\\u3002 \\u63d0\\u5347\\u76d1\\u7ba1\\u7ecf\\u9a8c\\u548c\\u6c34\\u51c6\\uff0c\\u786e\\u4fdd\\u7a33\\u5b9a\\u5e01\\u4e0d\\u6ca6\\u4e3a\\u6ecb\\u517b\\u72af\\u7f6a\\u7684\\u6e29\\u5e8a\\uff0c\\u662f\\u7a33\\u5b9a\\u5e01\\u672a\\u6765\\u53d1\\u5c55\\u6218\\u7565\\u7684\\u9898\\u4e2d\\u5e94\\u6709\\u4e4b\\u4e49\\uff0c\\u51b3\\u5b9a\\u7a33\\u5b9a\\u5e01\\u80fd\\u5426\\u884c\\u7a33\\u81f4\\u8fdc\\u3002 \\u4e0d\\u8fc7\\u4e5f\\u5e94\\u6ce8\\u610f\\uff0c\\u7a33\\u5b9a\\u5e01\\u65b9\\u5174\\u672a\\u827e\\uff0c\\u8fc7\\u5ea6\\u4e25\\u82db\\u7684\\u76d1\\u7ba1\\u53ef\\u80fd\\u6291\\u5236\\u5e02\\u573a\\u6d3b\\u529b\\u3002 \\u73b0\\u9636\\u6bb5\\u7684\\u76d1\\u7ba1\\u5e94\\u5f53\\u501f\\u9274\\u7f8e\\u56fd\\u7a33\\u5b9a\\u5e01\\u53d1\\u5c55\\u7684\\u7ecf\\u9a8c\\uff0c\\u4fdd\\u6301\\u9002\\u5f53\\u7075\\u6d3b\\u6027\\uff0c\\u5728\\u5b9e\\u8df5\\u4e2d\\u52a8\\u6001\\u8c03\\u6574\\uff0c\\u5728\\u98ce\\u9669\\u9632\\u63a7\\u4e0e\\u521b\\u65b0\\u6fc0\\u52b1\\u95f4\\u8fbe\\u5230\\u7406\\u60f3\\u7684\\u5e73\\u8861\\u3002 \\u65b9\\u7fd4\\u6559\\u6388 \\u6e2f\\u5927\\u7ecf\\u7ba1\\u5b66\\u9662\\u91d1\\u878d\\u5b66\\u52a9\\u7406\\u6559\\u6388 \\u5218\\u6d0b\\u6559\\u6388 \\u6e2f\\u5927\\u7ecf\\u7ba1\\u5b66\\u9662\\u91d1\\u878d\\u5b66\\u526f\\u6559\\u6388 \\u5468\\u7693\\u5357\\u6559\\u6388 \\u6e2f\\u5927\\u7ecf\\u7ba1\\u5b66\\u9662\\u91d1\\u878d\\u5b66\\u52a9\\u7406\\u6559\\u6388 \\uff08\\u672c\\u6587\\u540c\\u65f6\\u4e8e\\u4e8c\\u96f6\\u4e8c\\u4e94\\u5e74\\u516b\\u6708\\u4e8c\\u5341\\u4e8c\\u65e5\\u8f7d\\u4e8e\\u300aFT\\u4e2d\\u6587\\u7f51\\u300b\\u660e\\u5fb7\\u5546\\u8bba\\u4e13\\u680f\\uff09\",\"inLanguage\":\"zh-CN\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/research\\\/thought-leadership\\\/ft-chinese-column\\\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\\\/#breadcrumblist\"},\"datePublished\":\"2025-08-22T11:40:23+08:00\",\"dateModified\":\"2025-08-22T11:48:08+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-CN\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/sc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School","description":"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09","canonical_url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/#listItem","name":"\u660e\u5fb7\u5546\u8bba"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/#listItem","position":2,"name":"\u660e\u5fb7\u5546\u8bba","item":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/#listItem","name":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/#listItem","position":3,"name":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/#listItem","name":"\u660e\u5fb7\u5546\u8bba"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/","name":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School","description":"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09","inLanguage":"zh-CN","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/#breadcrumblist"},"datePublished":"2025-08-22T11:40:23+08:00","dateModified":"2025-08-22T11:48:08+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/sc\/#website","url":"https:\/\/www.hkubs.hku.hk\/sc\/","name":"HKU Business School","inLanguage":"zh-CN","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/sc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School","og:description":"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09","og:url":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/","article:published_time":"2025-08-22T03:40:23+00:00","article:modified_time":"2025-08-22T03:48:08+00:00","twitter:card":"summary_large_image","twitter:title":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58 - HKU Business School","twitter:description":"2025\u5e748\u67081\u65e5\uff0c\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u751f\u6548\uff0c\u6807\u5fd7\u8457\u4e2d\u56fd\u5c06\u9010\u6b65\u53c2\u4e0e\u7a33\u5b9a\u5e01\u5e02\u573a\uff0c\u5e76\u63a2\u7d22\u5982\u4f55\u901a\u8fc7\u9999\u6e2f\u8fd9\u4e00\u79bb\u5cb8\u91d1\u878d\u4e2d\u5fc3\uff0c\u5229\u7528\u7a33\u5b9a\u5e01\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002 \u8981\u56de\u7b54\u8fd9\u4e00\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u5728\u5f53\u524d\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u7684\u80cc\u666f\u4e2d\uff0c\u7406\u6027\u3001\u5ba2\u89c2\u5730\u7406\u89e3\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u903b\u8f91\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u524d\u666f\u7531\u5176\u4f7f\u7528\u9700\u6c42\u3001\u5e95\u5c42\u8d44\u4ea7\u4f9b\u7ed9\u548c\u653f\u7b56\u4e0e\u76d1\u7ba1\u652f\u63f4\u4e09\u4e2a\u56e0\u7d20\u51b3\u5b9a\u3002 \u9700\u6c42\u6f5c\u529b\u5de8\u5927\uff0c\u4f46\u50a8\u5907\u8d44\u4ea7\u4e0d\u8db3 \u5728\u9700\u6c42\u5c42\u9762\uff0c\u672a\u6765\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u4e3b\u8981\u5e94\u7528\u5c06\u96c6\u4e2d\u4e8e\u8de8\u5883\u652f\u4ed8\u4e0a\u3002 \u7a33\u5b9a\u5e01\u53ef\u4ee5\u5229\u7528\u652f\u4ed8\u6548\u7387\u9ad8\u3001\u6210\u672c\u4f4e\u3001\u624b\u7eed\u4fbf\u6377\u7b49\u6280\u672f\u4f18\u52bf\u670d\u52a1\u5b9e\u4f53\u7ecf\u6d4e\u3002 2024\u5e74\u5168\u5e74\uff0c\u7ecf\u5e38\u9879\u4e0b\u4eba\u6c11\u5e01\u8de8\u5883\u6536\u4ed8\u8fbe\u5230\u5341\u516d\u4e07\u4ebf\u5143\uff0c\u662f\u4e24\u5927\u7a33\u5b9a\u5e01USDT\u548cUSDC\u603b\u5e02\u503c\u7684\u516b\u500d\u3002 \u5728\u4e2d\u957f\u671f\uff0c\u8fd9\u4e00\u5de8\u5927\u7684\u7ed3\u7b97\u4f53\u91cf\u6709\u671b\u9010\u6b65\u8f6c\u5411\u7a33\u5b9a\u5e01\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u4e9f\u9700\u89e3\u51b3\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u4e0d\u8db3\u95ee\u9898\u3002 \u622a\u81f32024\u5e74\u672b\uff0c\u70b9\u5fc3\u503a\u9980\u989d1.7\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u56fd\u503a\u548c\u592e\u7968\u5408\u8ba13500\u4ebf\u5143\uff0c\u77ed\u671f\u503a\u5238\u5360\u6bd4\u4e0d\u8db3\u4e00\u6210\u3002 \u82e5\u4eba\u6c11\u5e01\u8de8\u5883\u8d38\u6613\u4e2d\u768420%\u91c7\u7528\u7a33\u5b9a\u5e01\u652f\u4ed8\uff0c\u4e14\u7a33\u5b9a\u5e01\u7684\u6d41\u901a\u901f\u7387\u4e0e\u7f8e\u5143\u7a33\u5b9a\u5e01\u76f8\u4f3c\uff08\u6839\u636e\u6211\u4eec\u7684\u4f30\u8ba1\u4e3a6.8\uff09\uff0c\u4ec5\u8d38\u6613\u573a\u666f\u6240\u9700\u7a33\u5b9a\u5e01\u89c4\u6a21\u5c31\u5c06\u7a81\u78344000\u4ebf\u5143\uff0c\u76f8\u5f53\u4e8e\u5f53\u524d\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u503a\u7684\u5341\u4f59\u500d\u3002 \u56e0\u6b64\uff0c\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u53d1\u5c55\u9700\u8981\u52a0\u901f\u6784\u5efa\u66f4\u5927\u7684\u79bb\u5cb8\u4eba\u6c11\u5e01\u5b89\u5168\u8d44\u4ea7\u6c60\u3002 \u7a33\u5b9a\u5e01\u7684\u8d38\u6613\u652f\u4ed8\u6f5c\u529b\u4e0e\u50a8\u5907\u8d44\u4ea7\u4f9b\u7ed9\u6311\u6218\u4e00\u4f53\u4e24\u9762\uff0c\u76f8\u4e92\u4f9d\u5b58\u3002 \u7ecf\u6d4e\u5b66\u7814\u7a76\u8868\u660e\uff0c\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u4e0e\u50a8\u5907\u8d44\u4ea7\u529f\u80fd\u5177\u6709\u5f3a\u4e92\u8865\u6027\u3002 \u8d38\u6613\u652f\u4ed8\u4efd\u989d\u7684\u63d0\u5347\u80fd\u4fc3\u8fdb\u5176\u6210\u4e3a\u50a8\u5907\u8d27\u5e01\uff0c\u964d\u4f4e\u878d\u8d44\u6210\u672c; \u53cd\u4e4b\uff0c\u6d41\u52a8\u6027\u5f3a\u7684\u5b89\u5168\u8d44\u4ea7\u5e02\u573a\u4f1a\u63a8\u52a8\u8d27\u5e01\u7684\u8d38\u6613\u7ed3\u7b97\u3002 \u4e2d\u56fd\u7684\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u7ecf\u9a8c\u4f50\u8bc1\u4e86\u8fd9\u4e00\u7406\u8bba\u3002 \u4f8b\u5982\uff0c\u7b7e\u8ba2\u53cc\u8fb9\u672c\u5e01\u4e92\u6362\u534f\u5b9a\u6539\u5584\u4eba\u6c11\u5e01\u878d\u8d44\u6761\u4ef6\u540e\uff0c\u76f8\u5173\u56fd\u5bb6\u7684\u4eba\u6c11\u5e01\u8de8\u5883\u652f\u4ed8\u589e\u957f\u56db\u500d\u3002 \u6269\u5927\u79bb\u5cb8\u4eba\u6c11\u5e01\u77ed\u671f\u56fd\u503a\u548c\u9999\u6e2f\u653f\u5e9c\u503a\u5238\u4f9b\u7ed9\uff0c\u80fd\u53d1\u6325\u8d38\u6613\u7ed3\u7b97\u9700\u6c42\u4e0e\u50a8\u5907\u8d44\u4ea7\u89c4\u6a21\u548c\u6d41\u52a8\u6027\u7684\u534f\u540c\u4f5c\u7528\u3002 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u5c06\u4e3a\u73b0\u6709\u7684\u652f\u4ed8\u7ed3\u7b97\u4f53\u7cfb\u63d0\u4f9b\u8865\u5145\u3002 \u8fd1\u5e74\u6765CIPS\u3001\u6570\u5b57\u8d27\u5e01\u6865\u7b49\u4e3e\u63aa\u63d0\u5347\u4e86\u8de8\u5883\u652f\u4ed8\u6548\u7387\u3002 \u7136\u800c\uff0c\u8fd9\u4e9b\u7ba1\u9053\u4f9d\u8d56\u4e8e\u53cc\u8fb9\u8c08\u5224\uff0c\u53d1\u5c55\u8017\u65f6\uff0c\u5176\u8fd0\u884c\u4f9d\u8d56\u5404\u56fd\u53d1\u5c55\u7a0b\u5ea6\u4e0d\u4e00\u7684\u94f6\u884c\u4f53\u7cfb\uff0c\u4e5f\u6df1\u53d7\u5730\u7f18\u653f\u6cbb\u7684\u5f71\u54cd\u3002 \u4e0e\u6b64\u76f8\u6bd4\uff0c\u8fd0\u884c\u5728\u516c\u94fe\u4e0a\u7684\u7a33\u5b9a\u5e01\u8de8\u56fd\u63a5\u53d7\u5ea6\u9ad8\uff0c\u4e0d\u76f4\u63a5\u53d7\u5236\u4e8e\u5404\u56fd\u653f\u5e9c\u3002 \u5f53\u524d\u5df2\u6d8c\u73b0\u4e0d\u5c11\u8de8\u5883\u652f\u4ed8\u67b6\u6784\u8fde\u63a5\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002 \u82e5\u80fd\u5c06\u7c7b\u4f3c\u6280\u672f\u7eb3\u5165\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u9876\u5c42\u8bbe\u8ba1\u4e2d\uff0c\u6709\u671b\u5728\u77ed\u65f6\u95f4\u5185\u5b9e\u73b0\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u3002 \u6e2f\u5143\u7a33\u5b9a\u5e01\u5148\u884c\u63a2\u7d22 \u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\u786e\u6709\u5176\u590d\u6742\u6027\u3002 \u5728\u6709\u9650\u5ea6\u7684\u8d44\u672c\u9879\u76ee\u5f00\u653e\u653f\u7b56\u4e0b\uff0c\u5982\u4f55\u5904\u7406\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u4e0e\u5728\u5cb8\u4eba\u6c11\u5e01\u7684\u5173\u7cfb\u4ecd\u9700\u63a2\u7d22\u3002 \u76f8\u8f83\u800c\u8a00\uff0c\u4f9d\u6258\u81ea\u7531\u5151\u4ed8\u548c\u8054\u7cfb\u6c47\u7387\u5236\u5ea6\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u66f4\u5177\u64cd\u4f5c\u6027\u3002 \u7387\u5148\u63a8\u51fa\u7684\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u5728\u50a8\u5907\u8d44\u4ea7\u7ba1\u7406\u3001\u91d1\u878d\u7a33\u5b9a\u3001\u5408\u89c4\u3001\u53cd\u6d17\u94b1\u3001\u7f51\u8def\u5b89\u5168\u7b49\u7ef4\u5ea6\u7ecf\u53d7\u65f6\u95f4\u548c\u5e02\u573a\u7684\u68c0\u9a8c\uff0c\u4e3a\u540e\u7eed\u79bb\u5cb8\u4eba\u6c11\u5e01\u7684\u53d1\u5c55\u63d0\u4f9b\u6709\u76ca\u7684\u7ecf\u9a8c\u3002 \u5bf9\u4e8e\u773c\u4e0b\u9999\u6e2f\u7a33\u5b9a\u5e01\u7684\u53d1\u5c55\uff0c\u76d1\u7ba1\u90e8\u95e8\u7684\u7acb\u573a\u8d8b\u4e8e\u7a33\u5065\u3002 \u63d0\u5347\u76d1\u7ba1\u7ecf\u9a8c\u548c\u6c34\u51c6\uff0c\u786e\u4fdd\u7a33\u5b9a\u5e01\u4e0d\u6ca6\u4e3a\u6ecb\u517b\u72af\u7f6a\u7684\u6e29\u5e8a\uff0c\u662f\u7a33\u5b9a\u5e01\u672a\u6765\u53d1\u5c55\u6218\u7565\u7684\u9898\u4e2d\u5e94\u6709\u4e4b\u4e49\uff0c\u51b3\u5b9a\u7a33\u5b9a\u5e01\u80fd\u5426\u884c\u7a33\u81f4\u8fdc\u3002 \u4e0d\u8fc7\u4e5f\u5e94\u6ce8\u610f\uff0c\u7a33\u5b9a\u5e01\u65b9\u5174\u672a\u827e\uff0c\u8fc7\u5ea6\u4e25\u82db\u7684\u76d1\u7ba1\u53ef\u80fd\u6291\u5236\u5e02\u573a\u6d3b\u529b\u3002 \u73b0\u9636\u6bb5\u7684\u76d1\u7ba1\u5e94\u5f53\u501f\u9274\u7f8e\u56fd\u7a33\u5b9a\u5e01\u53d1\u5c55\u7684\u7ecf\u9a8c\uff0c\u4fdd\u6301\u9002\u5f53\u7075\u6d3b\u6027\uff0c\u5728\u5b9e\u8df5\u4e2d\u52a8\u6001\u8c03\u6574\uff0c\u5728\u98ce\u9669\u9632\u63a7\u4e0e\u521b\u65b0\u6fc0\u52b1\u95f4\u8fbe\u5230\u7406\u60f3\u7684\u5e73\u8861\u3002 \u65b9\u7fd4\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \u5218\u6d0b\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388 \u5468\u7693\u5357\u6559\u6388 \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u516b\u6708\u4e8c\u5341\u4e8c\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09"},"aioseo_meta_data":{"post_id":"240660","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"WebPage","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":null,"created":"2025-08-22 03:45:08","updated":"2025-08-22 03:47:30","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/\" title=\"\u660e\u5fb7\u5546\u8bba\">\u660e\u5fb7\u5546\u8bba<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/sc\/"},{"label":"\u660e\u5fb7\u5546\u8bba","link":"https:\/\/www.hkubs.hku.hk\/sc\/thought-leadership\/ft-chinese-column-sc\/"},{"label":"\u79bb\u5cb8\u4eba\u6c11\u5e01\u7a33\u5b9a\u5e01\u673a\u9047\u4e0e\u6311\u6218\u5e76\u5b58","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/offshore-renminbi-backed-stablecoins-opportunities-and-challenges\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/240660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":3,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/240660\/revisions"}],"predecessor-version":[{"id":240665,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/240660\/revisions\/240665"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=240660"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=240660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}