The People’s Bank of China has signaled that stablecoins could reshape cross-border payments and urged international regulators to coordinate oversight. Wang Xin, director-general of the PBOC’s Research Bureau, delivered the remarks at the Lujiazui Forum on June 17, months after Beijing widened its cryptocurrency restrictions to cover renminbi-pegged stablecoins. Beijing Tightens The Rules While Watching The Global Shift: Wang addressed a session on global financial governance reform and cooperation, noting that sustainable development depends on large volumes of cross-border investment and financing activity. He ... (full story)