China used a forum on June 17, 2026 to press for stricter global rules on stablecoins and broader changes to the international payments system. Wang Xin said cross-border payment infrastructure needs stronger security standards, greater political neutrality, and better efficiency to support trade and economic growth.
He also said the connection between central bank-operated payment infrastructure and end-user payment platforms should be reinforced. The remarks align with the People’s Bank of China’s role as the country’s lead authority on monetary policy and financial stability.
Wang Xin warns payment networks are becoming more fragile
Wang said sustainable economic development depends on reliable cross-border capital flows and financing activity, which in turn require diverse and uninterrupted channels for moving funds internationally. His warning was direct: today’s payment infrastructure is becoming more fragile and more exposed to political disruption.
He argued that deeper divisions across the global financial system are raising the risk that payment networks could be used as political tools. In that scenario, even routine international transactions could be affected. Wang called for closer coordination among monetary authorities, financial regulators, and multilateral organizations.
Stablecoins seen as a larger force in future international payments
On stablecoins, Wang said these assets could take on a much bigger role in international payments over time. Before digital assets see broader adoption, though, their impact on the global monetary order and payment infrastructure should be evaluated carefully. China supports putting comprehensive regulatory standards in place before large-scale use expands.
He also called for more detailed policy discussions around central bank digital currencies. In his view, CBDCs could materially change cross-border payment processes and coordination between banks. Stablecoins create a more complicated regulatory problem because they function as payment tools while being issued by private companies.
The source also notes that Chinese authorities had already tightened oversight of crypto-based payment tools. In February, the regulatory scope was expanded to cover renminbi-pegged stablecoins and tokenized real-world assets. The current framework bars the unauthorized issuance of renminbi-backed stablecoins outside mainland China.
Mainland restrictions stay firm while Hong Kong advances licensing
Wang also urged international financial institutions to expand support for emerging economies through more funding, stronger representation in governance, and faster quota reform. He said multilateral development organizations should update their management structures and operating procedures.
China links those institutional changes to climate finance needs and sustainable development goals. It argues that many developing economies need better access to funding channels, technical support, and more resilient payment systems. Wang asked international organizations to give more weight to capacity-building and financial inclusion.
Hong Kong is moving in a different direction, introducing an official licensing framework for stablecoin issuers that applies to operators in Hong Kong and certain Hong Kong dollar-denominated stablecoins. On the mainland, strict restrictions on cryptocurrency exchanges, digital mining, and unauthorized asset tokenization remain in place.