{"id":259675,"date":"2026-04-30T18:24:07","date_gmt":"2026-04-30T10:24:07","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/hkd-stablecoins-boost-mainland-chinas-cross-border-finance\/"},"modified":"2026-04-30T18:31:08","modified_gmt":"2026-04-30T10:31:08","slug":"hkd-stablecoins-boost-mainland-chinas-cross-border-finance","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/ft-chinese-column\/hkd-stablecoins-boost-mainland-chinas-cross-border-finance\/","title":{"rendered":"\u6e2f\u5143\u7a33\u5b9a\u5e01\u52a9\u529b\u5185\u5730\u8de8\u5883\u91d1\u878d\u53d1\u5c55"},"content":{"rendered":"<p><span>2026<\/span><span>\u5e74<\/span><span>4<\/span><span>\u6708\uff0c\u9999\u6e2f\u91d1\u7ba1\u5c40\u5411\u6c47\u4e30\u94f6\u884c\u548c\u7887\u70b9\u91d1\u878d\u53d1\u51fa\u7a33\u5b9a\u5e01\u724c\u7167\uff0c\u6e2f\u5143\u7a33\u5b9a\u5e01\u53d1\u884c\u7834\u51b0\u5728\u5373\u3002\u8fd9\u662f\u7a33\u5b9a\u5e01\u4f5c\u4e3a\u94fe\u4e0a\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u5728\u9999\u6e2f\u6b63\u5f0f\u542f\u822a\u7684\u91cd\u8981\u6807\u5fd7\u3002\u201c\u5341\u4e94\u4e94\u201d\u89c4\u5212\u7eb2\u8981\u660e\u786e\u63d0\u51fa\u5de9\u56fa\u63d0\u5347\u9999\u6e2f\u56fd\u9645\u91d1\u878d\u3001\u8d38\u6613\u4e2d\u5fc3\u5730\u4f4d\uff0c\u5f3a\u5316\u56fd\u9645\u8d44\u4ea7\u4e0e\u8d22\u5bcc\u7ba1\u7406\u4e2d\u5fc3\u529f\u80fd\u3002\u6e2f\u5143\u7a33\u5b9a\u5e01\u5c06\u6709\u671b\u4ece\u8de8\u5883\u652f\u4ed8\u4e0e\u7ed3\u7b97\u3001\u6570\u5b57\u8d44\u4ea7\u53d1\u884c\u4e0e\u4ea4\u6613\u7b49\u591a\u89d2\u5ea6\uff0c\u9a71\u52a8\u201c\u5f15\u8fdb\u6765\u201d\u3001\u201c\u8d70\u51fa\u53bb\u201d\uff0c\u4e3a\u8de8\u5883\u91d1\u878d\u670d\u52a1\u63d0\u4f9b\u6709\u529b\u7684\u652f\u6301\u4e0e\u4fdd\u969c\u3002<\/span><\/p>\n<p><span>\u9999\u6e2f\u4f5c\u4e3a\u5168\u7403\u91cd\u8981\u7684\u8f6c\u53e3\u8d38\u6613\u67a2\u7ebd\uff0c\u5c45\u5168\u7403\u5546\u54c1\u8d38\u6613\u7ecf\u6d4e\u4f53\u7b2c\u4e94\u4f4d\uff0c\u9ad8\u6548\u8fde\u63a5\u4e2d\u56fd\u5185\u5730\u4e0e\u6d77\u5916\u5e02\u573a\u3002\u4e0e\u5185\u5730\u8d38\u6613\u989d\u5360\u9999\u6e2f\u8fdb\u51fa\u53e3\u603b\u503c\u7684\u4e00\u534a\uff0c\u9999\u6e2f\u4ea6\u6210\u4e3a\u5185\u5730\u4f01\u4e1a\u201c\u51fa\u6d77\u201d\u7684\u6218\u7565\u5e73\u53f0\u3002\u5927\u91cf\u5185\u5730\u4f01\u4e1a\u51fa\u4e8e\u8d38\u6613\u3001\u878d\u8d44\u7b49\u9700\u6c42\u843d\u6237\u9999\u6e2f\uff0c\u8bbe\u7acb\u8d22\u8d44\u4e2d\u5fc3\uff0c\u4e0e\u6d77\u5916\u8fdb\u884c\u4ea4\u6613\u3001\u652f\u4ed8\u548c\u7ed3\u7b97\u3002\u6839\u636e<\/span><span>SWIFT<\/span><span>\u7684\u6700\u65b0\u6570\u636e\uff0c\u6e2f\u5143\u5728\u8de8\u5883\u652f\u4ed8\u4e2d\u7684\u6bd4\u4f8b\u4e3a<\/span><span>1.87%<\/span><span>\uff0c\u5728\u5168\u7403\u8d27\u5e01\u4e2d\u6392\u540d\u7b2c\u4e03\u3002\u4f5c\u4e3a\u7a33\u5b9a\u5e01\u6700\u91cd\u8981\u7684\u5e94\u7528\u573a\u666f\u4e4b\u4e00\uff0c\u5176\u5728\u8de8\u5883\u652f\u4ed8\u9886\u57df\u7684\u53d1\u5c55\u6709\u671b\u663e\u8457\u964d\u4f4e\u5916\u8d38\u4f01\u4e1a\u4ea4\u6613\u6210\u672c\u3001\u63d0\u5347\u652f\u4ed8\u4e0e\u7ed3\u7b97\u6548\u7387\u3002\u6b64\u5916\uff0c\u5728\u8f6c\u53e3\u8d38\u6613\u4e2d\uff0c\u5185\u5730\u4e0e\u9999\u6e2f\u4e4b\u95f4\u7684\u8de8\u5883\u652f\u4ed8\u4e3b\u8981\u901a\u8fc7<\/span><span>CIPS<\/span><span>\u7cfb\u7edf\u4ee5\u4eba\u6c11\u5e01\u8fdb\u884c\u3002\u9999\u6e2f\u4e0e\u6d77\u5916\u4e3b\u4f53\u95f4\u652f\u4ed8\u6548\u7387\u7684\u63d0\u5347\u5c06\u4fc3\u8fdb\u8f6c\u53e3\u8d38\u6613\uff0c\u95f4\u63a5\u63a8\u52a8\u4eba\u6c11\u5e01\u56fd\u9645\u5316\u3002<\/span><\/p>\n<p><span>\u9999\u6e2f\u5728\u5efa\u8bbe\u6570\u5b57\u8d44\u4ea7\u4e2d\u5fc3\u65b9\u9762\u7684\u5b9e\u8df5\u4e5f\u9886\u5148\u5168\u7403\u3002\u65e9\u5728<\/span><span>2023<\/span><span>\u5e74\uff0c\u9999\u6e2f\u653f\u5e9c\u5c31\u5df2\u53d1\u884c\u5168\u7403\u9996\u4e2a\u4ee3\u5e01\u5316\u653f\u5e9c\u7eff\u8272\u503a\u5238\uff0c\u901a\u8fc7\u533a\u5757\u94fe\u76f8\u5173\u6280\u672f\u5c06\u53d1\u884c\u7684\u7ed3\u7b97\u5468\u671f\u4ece<\/span><span>T+5<\/span><span>\u7f29\u77ed\u5230<\/span><span>T+1<\/span><span>\u3002\u622a\u81f3<\/span><span>2026<\/span><span>\u5e74<\/span><span>3<\/span><span>\u6708\uff0c\u5168\u7403\u73b0\u5b9e\u4e16\u754c\u4ee3\u5e01\u5316\u8d44\u4ea7\uff08<\/span><span>RWA<\/span><span>\uff09\u603b\u89c4\u6a21\u7ea6\u4e3a<\/span><span>300<\/span><span>\u4ebf\u7f8e\u5143\u3002\u9999\u6e2f\u4ee3\u5e01\u5316\u8d44\u4ea7\u603b\u91cf\u5219\u5df2\u63a5\u8fd1<\/span><span>300<\/span><span>\u4ebf\u6e2f\u5143\u3002\u8fd1\u65e5\uff0c\u9999\u6e2f\u8bc1\u76d1\u4f1a\u901a\u51fd\u5141\u8bb8\u5efa\u7acb\u4ee3\u5e01\u5316\u4ea7\u54c1\u7684\u4e8c\u7ea7\u5e02\u573a\uff0c\u653f\u7b56\u8fdb\u4e00\u6b65\u660e\u6717\u3002\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u4e0e\u6d41\u901a\u5c06\u663e\u8457\u63d0\u9ad8\u4ee3\u5e01\u5316\u8d44\u4ea7\u6d41\u52a8\u6027\uff0c\u5927\u5e45\u63d0\u5347\u5176\u5bf9\u6295\u8d44\u8005\u7684\u5438\u5f15\u529b\u3002\u94fe\u4e0a\u539f\u751f\u6295\u8d44\u8005\u4e5f\u6709\u671b\u901a\u8fc7\u6e2f\u5143\u7a33\u5b9a\u5e01\u76f4\u63a5\u53c2\u4e0e\u5230\u4ee3\u5e01\u5316\u8d44\u4ea7\u6295\u8d44\u4e2d\uff0c\u62d3\u5c55\u6295\u8d44\u8005\u7fa4\u4f53\uff0c\u5b9e\u73b0\u4f20\u7edf\u91d1\u878d\u4e0e<\/span><span>Web3<\/span><span>\u751f\u6001\u7684\u5408\u89c4\u8854\u63a5\u3002\u5f53\u4e0b\uff0c\u5883\u5185\u4e3b\u4f53\u5728\u5883\u5916\u5f00\u5c55<\/span><span>RWA<\/span><span>\u76f8\u5173\u4e1a\u52a1\u53d7\u5230\u4e25\u683c\u76d1\u7ba1\u3002\u73b0\u884c\u76d1\u7ba1\u6846\u67b6\u8981\u6c42\u4f9d\u6cd5\u7a33\u614e\uff0c\u6709\u6548\u9632\u8303\u98ce\u9669\u3002\u5728\u8fd9\u4e00\u80cc\u666f\u4e0b\uff0c\u6e2f\u5143\u7a33\u5b9a\u5e01\u4f5c\u4e3a\u653f\u5e9c\u63a8\u52a8\u3001\u94f6\u884c\u4e3b\u5bfc\u7684\u6570\u5b57\u91d1\u878d\u4f53\u7cfb\u4e2d\u7684\u6838\u5fc3\u57fa\u7840\u8bbe\u65bd\uff0c\u53ef\u626e\u6f14\u94fe\u4e0a\u8d44\u4ea7\u5408\u89c4\u4ea4\u6613\u5a92\u4ecb\u4e0e\u7a33\u5b9a\u8ba1\u4ef7\u5355\u4f4d\u7684\u53cc\u91cd\u89d2\u8272\uff0c\u4ee5\u6ee1\u8db3\u5883\u5185\u878d\u8d44\u4e3b\u4f53\u5bf9\u5b89\u5168\u3001\u5408\u89c4\u3001\u4f4e\u878d\u8d44\u6210\u672c\u7684\u591a\u91cd\u9700\u6c42\u3002<\/span><\/p>\n<p><span>\u5408\u89c4\u6e2f\u5143\u7a33\u5b9a\u5e01\u7684\u53d1\u884c\u4e0e\u6211\u56fd\u6709\u9650\u5f00\u653e\u7684\u8d44\u672c\u9879\u76ee\u5e76\u65e0\u51b2\u7a81\u3002\u901a\u8fc7\u975e\u5408\u89c4\u7a33\u5b9a\u5e01\u573a\u5916\u4ea4\u6613\u8de8\u5883\u8f6c\u79fb\u8d44\u91d1\uff0c\u5728\u5168\u7403\u53d1\u5c55\u4e2d\u56fd\u5bb6\u65f6\u6709\u53d1\u751f\u3002\u201c\u5728\u5cb8\u4eba\u6c11\u5e01\u2014\u2014\u975e\u5408\u89c4\u7f8e\u5143\u7a33\u5b9a\u5e01\u2014\u2014\u7f8e\u5143\u201d\u7684\u8d44\u672c\u9003\u9038\u94fe\u6761\u5e38\u4f34\u968f\u201c\u7f8e\u5143\u6ea2\u4ef7\u201d\uff1a\u4eba\u6c11\u5e01\u5151\u7f8e\u5143\u7684\u201c\u5f71\u5b50\u6c47\u7387\u201d\u5728\u8fd1\u4e24\u5e74\u957f\u671f\u9ad8\u4e8e\u5b98\u65b9\u6c47\u7387\uff0c\u6709\u65f6\u9ad8\u8fbe<\/span><span>5%<\/span><span>\u3002<\/span><span>2025<\/span><span>\u5e74<\/span><span>11<\/span><span>\u6708\u5e95\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u53ec\u5f00\u6253\u51fb\u865a\u62df\u8d27\u5e01\u4ea4\u6613\u7092\u4f5c\u5de5\u4f5c\u534f\u8c03\u673a\u5236\u4f1a\u8bae\uff0c\u201c\u7f8e\u5143\u6ea2\u4ef7\u201d\u5f00\u59cb\u663e\u8457\u8d70\u4f4e\u751a\u81f3\u53d8\u8d1f\uff0c\u5f70\u663e\u4e86\u52a0\u5f3a\u76d1\u7ba1\u5bf9\u8d44\u91d1\u5916\u6d41\u7684\u6291\u5236\u4f5c\u7528\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u9999\u6e2f\u91d1\u7ba1\u5c40\u7684\u76d1\u7ba1\u6307\u5f15\u8981\u6c42\u5bf9\u7a33\u5b9a\u5e01\u6301\u6709\u4eba\u8fdb\u884c\u4e25\u683c\u8eab\u4efd\u9a8c\u8bc1\uff0c\u5927\u5927\u964d\u4f4e\u4e86\u5176\u4f5c\u4e3a\u8d44\u672c\u9003\u9038\u5de5\u5177\u7684\u53ef\u884c\u6027\u3002\u9999\u6e2f\u7a33\u5b9a\u5e01\u53d1\u884c\u3001\u6d41\u901a\u9636\u6bb5\u76f8\u5e94\u7684\u76d1\u7ba1\u653f\u7b56\uff0c\u5c06\u4e0e\u5185\u5730\u5916\u6c47\u7ba1\u7406\u653f\u7b56\u5f62\u6210\u4e92\u8865\uff0c\u6700\u5927\u9650\u5ea6\u964d\u4f4e\u5bf9\u8d44\u672c\u9879\u76ee\u7ba1\u7406\u7684\u51b2\u51fb\uff0c\u7ef4\u62a4\u91d1\u878d\u7a33\u5b9a\u3002<\/span><\/p>\n<p><strong>\u65b9\u7fd4\u6559\u6388<br \/>\n<\/strong><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388<\/strong><\/p>\n<p><strong>\u5218\u6d0b\u6559\u6388<br \/>\n<\/strong><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u526f\u6559\u6388<\/strong><\/p>\n<p><strong>\u5468\u7693\u5357\u6559\u6388<br \/>\n<\/strong><strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u91d1\u878d\u5b66\u52a9\u7406\u6559\u6388<\/strong><\/p>\n<p>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u516d\u5e74\u56db\u6708\u4e09\u5341\u65e5\u8f7d\u4e8e\u300aFT\u4e2d\u6587\u7f51\u300b\u660e\u5fb7\u5546\u8bba\u4e13\u680f\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-259675","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":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/259675","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":1,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/259675\/revisions"}],"predecessor-version":[{"id":259676,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/259675\/revisions\/259676"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=259675"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=259675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}