China’s tech giants lobby for offshore yuan stablecoin, sources say

China’s tech giants JD.com and Alibaba affiliate Ant Group are urging the central bank to authorise yuan-based stablecoins to counter the growing sway of US dollar-linked cryptocurrencies, people with direct knowledge of the discussions said.

The two firms propose China allow the launch of stablecoins in Hong Kong pegged to its offshore yuan to help promote global use of the Chinese currency and fend off the dollar’s growing digital influence, the two sources said.

The moves come as Hong Kong races the United States in setting up a regulatory framework…