China’s “Dual‑Wheel” RMB Strategy

Chinese economists propose keeping the domestic e‑CNY (CBDC) strictly separate from offshore RMB stablecoins licensed in Hong Kong. This preserves capital controls at home while using offshore stablecoins and the digital RMB abroad to expand RMB settlement and reduce reliance on SWIFT. — It introduces a concrete model for digital‑currency sovereignty that could challenge dollar dominance without opening China’s capital account.

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Swift To Build a Global Financial Blockchain

BeauHD 2025.09.30 55% relevant

Both moves favor controlled, state‑aligned digital rails over open crypto: SWIFT’s tokenless, compliance‑first blockchain parallels China’s separation of domestic CBDC and offshore stablecoins to preserve regulatory control while modernizing payments.

Briefing: Chinese Economists on Stablecoins, Sovereignty and the Future of the RMB

James Farquharson 2025.09.16 100% relevant

Fan Wenzhong’s “domestic‑international dual‑wheel” framing; Hong Kong’s Stablecoins Ordinance enabling HKD/possibly offshore RMB stablecoins; Mu Changchun’s view that e‑CNY deepens central‑bank reach.