稳定币对外贸公司的影响
Impact on Foreign Trade Companies
绕开美元结算体系，提升人民币国际化水平
Bypassing the Dollar Settlement System and Advancing RMB Internationalization
稳定币的兴起为人民币国际化提供了一个新的、好用、方便、技术上可靠的通道。它能让人民币绕过美元结算体系，直接进入全球金融循环中来。
香港的稳定币条例允许一系列人民币资产（如中央国债、政策性金融债）作为稳定币的储备资产。这为未来发行锚定人民币资产的稳定币提供了法律依据，有助于人民币在数字货币时代加速国际化进程。
The rise of stablecoins provides a new, convenient, and technologically reliable channel for RMB internationalization. Stablecoins enable RMB to bypass the U.S. dollar settlement system and directly enter the global financial cycle.
Hong Kong’s Stablecoin Ordinance allows RMB-denominated assets—such as central government bonds and policy financial bonds—to serve as reserve assets. This provides the legal foundation for RMB-backed stablecoins, accelerating RMB internationalization in the digital currency era.
提升数字人民币的国际接受度和交易便利性
Enhancing Global Acceptance and Transaction Utility of Digital RMB
稳定币作为桥梁，能让数字人民币变得“可以被信任、可以被接纳、可以被交易”。这解决了过去人民币在国际上自由兑换和投资受限的问题。
中国央行推动“央行数字货币+多边央行数字货币桥”的全新模式，旨在利用稳定币帮助数字人民币在全球扩大流动性，并促进跨境支付业务。例如，在巴黎点咖啡，后台可以将数字人民币换成港版稳定币，再兑换成欧元，对消费者而言支付更顺畅。
Stablecoins act as a bridge that makes the digital RMB “trusted, accepted, and tradable.” This addresses the longstanding issue of limited convertibility and investment channels for RMB abroad.
The PBoC promotes a “Digital RMB + Multilateral CBDC Bridge” model, leveraging stablecoins to expand RMB liquidity and cross-border payments. For example, when buying coffee in Paris, the backend could convert digital RMB into a Hong Kong stablecoin, then into euros—creating a seamless consumer experience.
提高支付效率，降低交易成本
Improving Payment Efficiency and Reducing Transaction Costs
稳定币比美元现金更数字化，比银行转账更便捷。例如，沃尔玛如果借助稳定币绕开信用卡手续费，利润率可能增长超过60%。对于外贸公司而言，稳定币可以提升跨境支付效率，并可能降低传统金融中介的费用。
Stablecoins are more digital than U.S. cash and more convenient than bank transfers. For instance, if Walmart uses stablecoins to bypass credit card fees, profit margins could rise by over 60%. For foreign trade companies, stablecoins improve cross-border payment efficiency while reducing costs associated with traditional financial intermediaries.
重建国际信任，吸引资金回流
Rebuilding International Trust and Attracting Capital Inflows
一旦有了稳定币作为桥梁，并结合港股作为回流通道，外国企业就可能愿意用人民币结算，因为他们知道这些钱最终可以投资于全球认可的中国优秀企业，如宁德时代、恒瑞医疗等。这本质上是一个从“不能流动”到“可投可赚”的信任重建过程。
With stablecoins as a bridge and Hong Kong equities as a reflow channel, foreign firms may be more willing to settle in RMB, knowing these funds can be invested in globally recognized Chinese companies such as CATL or Hengrui Medicine. Essentially, this transforms RMB from “illiquid” to “investable and profitable,” rebuilding trust in its global utility.
中国企业全球化的影响
Impact on Chinese Corporate Globalization
“产业+资本”双出海模式的推动
Driving the “Industry + Capital” Dual-Globalization Model
中国证监会等金融部门支持A股上市公司赴港上市，如宁德时代、恒瑞医疗等企业密集登陆港交所。这种“产业+资本”双出海的模式，一方面通过港股全流通机制吸引全球资本，另一方面将中国的制造业优势，转化成资本定价权。
Chinese regulators support A-share listed firms seeking Hong Kong listings. Leading firms such as CATL and Hengrui Medicine are increasingly dual-listed. This model combines China’s manufacturing edge with capital market presence, attracting global investors and enhancing Chinese firms’ pricing power.
构建资本回流闭环，增强人民币金融循环
Creating a Capital Reflow Loop and Strengthening RMB Finance
中国正在构建自己的金融循环：通过出口向外输出产品，外国企业接受数字人民币支付，所得资金再用来投资A+H股的中国优秀资产，从而形成一套回流的闭环，而香港就是这套环流的中心。这套“稳定币+数字人民币+港股资本通道”的新体系，让人民币绕过美元结算体系，直接进入全球金融循环。
China is building its own financial circulation system: exports generate RMB-denominated payments, foreign enterprises accept digital RMB, and these funds are reinvested into A+H shares of Chinese champions. Hong Kong serves as the center of this “Stablecoin + Digital RMB + Hong Kong Capital Channel,” enabling RMB to bypass the U.S. dollar and integrate directly into global finance.
拓展海外融资渠道（RWA）
Expanding Overseas Financing Channels via RWA
真实世界资产代币化（RWA）允许企业将海外业务打包“上链”，用未来的现金流换取当前的海外融资，从而扩大融资渠道，特别是对于那些以往只能通过当地银行贷款获得海外融资的企业。
企业还可以将自家公司的股票进行RWA，在链上发行代币，在数字世界进行另一场“IPO”，这比现实世界的IPO更加方便、流动性更好，也为投资机构提供了新的退出渠道。
例如，朗新集团将充电桩作为底层资产搬上区块链，通过代币化获得融资，将重资产转化为现金流以投资更多充电桩。
Real World Asset Tokenization (RWA) allows firms to package overseas operations “on-chain,” monetizing future cash flows into immediate offshore financing. This significantly broadens financing access beyond local bank loans.
Firms can also tokenize equity and launch “digital IPOs” on-chain, offering greater liquidity and new exit options for investors.
For instance, LongShine Technology tokenized charging stations as underlying assets, raising funds via tokenization and converting heavy assets into cash flow for reinvestment.
增强大宗商品领域话语权
Strengthening Commodity Pricing Power
中国倾向于“主权数字货币+许可链”的可控路径，通过RWA推动人民币计价的黄金、锂矿、电力等代币化，以增强中国在大宗商品领域的话语权。
China favors a “Sovereign Digital Currency + Permissioned Blockchain” approach, using RWA to tokenize RMB-denominated commodities such as gold, lithium, and electricity. This enhances China’s influence in global commodity pricing.
在金融范式话语权竞争中占据主动
Shaping Financial Discourse Power
中美在稳定币和RWA领域的竞争，本质上是两种金融范式的话语权之争，即谁能为全球资产流动制定规则，并在下一代金融基础设施中占据主导地位。中国推动数字人民币+香港稳定币，旨在成为新兴市场的结算标准，以削弱和反制美元霸权。
The U.S.–China rivalry in stablecoins and RWA is essentially a contest over financial paradigms—who defines rules for global asset flows and leads the next generation of financial infrastructure. China’s push for Digital RMB + Hong Kong stablecoins aims to set the settlement standard for emerging markets, countering U.S. dollar hegemony.
面临的挑战
Challenges Ahead
规模与渗透
Scale and Penetration
目前，数字人民币+港股模式仍处于起步阶段，规模相对较小，需要更高效地渗透新兴市场。
The Digital RMB + Hong Kong model is still nascent, requiring deeper integration into emerging markets.
信任与生态建设
Trust and Ecosystem Building
人民币的崛起需要更好的“货币体验升级”和更丰富的“生态系统”，这不仅依靠官方推动，更要依靠中国制造业的信誉、港股的吸引力以及数字技术的稳固性。
RMB’s rise depends not only on official policy but also on improved user experience, stronger manufacturing credibility, Hong Kong’s capital appeal, and technological robustness.
监管审慎与节奏
Regulatory Prudence
香港金管局对稳定币发牌采取了审慎态度，延迟发牌时间、初期牌照数量有限以及严格的合规成本，这意味着该战略的落地和发展将是一个长期而审慎的过程，而非短期炒作。
The HKMA takes a cautious stance—delaying licenses, limiting early issuance, and imposing strict compliance costs—implying stablecoin adoption will be gradual and disciplined rather than hype-driven.
金融战的残酷性
Financial Warfare Intensity
货币和金融的战争可能比关税战、贸易战更加残酷，是一场“你死我活”的博弈。中国需要在竞争中抓住时机，将稳定币体系做起来并推广出去。
Monetary and financial battles may prove harsher than tariff or trade wars. Success depends on China seizing momentum to build and scale its stablecoin ecosystem before U.S. dominance consolidates.