{"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\u4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