TechFlame reports that according to Hong Kong media reports, Morgan Stanley China's chief economist Xing Ziqiang analyzed that Hong Kong will first promote stablecoins linked to the US dollar and Hong Kong dollar to establish technical and market trust before promoting CNH stablecoins. Supported by Hong Kong's offshore RMB pool of 1 trillion yuan, CNH stablecoins can verify actual use cases of cross-border settlement, while reminding that RMB internationalization is still a protracted war. Financial infrastructure such as stablecoins alone is not enough. Stablecoins do not mean establishing a new supranational international monetary system; they are just an extension of fiat currencies.